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Tomorrow's Weekend FT GPA Grou p 

Literary forgers whojboled Why the share 
Victorian England sale flopped 

Page 14 & 1ft 


A spring wind blows 
through the economy 

Page 15 


Inside Maxwell’s 

x • /■ 

... %■ 


Friday June 19 1992 

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Irish voters likely 
to decide future 
bf Maastricht 

nw future of the Maastrichttreaty on European 
union couldlw clearer today after the results 
of the. Irish Republic's refer endum on the pact 
are announced at about midday. An estimated 
50-55 per cent of the country’s 25m voters are 
believed to have gone to the polls. If the Irish 
follow the Diaries to rejecting Maastricht, the 
treaty, is unlikely to survive, page 16; Irish mist 
descends oyer Maastricht, Itoge 2 

Siemens, German electronics group, is reducing 
participation In the semiconductor memory market 
and will not build a manufacturing plant tor 
advanced chips.-The decision could mean the 
end of Earopean memory production. Page 17 

Intel, US manufacturer of microprocessor cftfps 
for personal computers, has won a critical Calif¬ 
ornia lawsuit to its battle to prevent Advanced 
Micro Devfces from cloning its products. Page 17 

China tightens credit China’s central bank 
has acted to tighten credit to an attempt to prevent 
the ecoramy from overheating as a restot of rapid 
growth. Page 16 

South Africa UKbtgm Raiders killed at least 
35 blacks in a South African squatter camp. The 
Law and Order ministry said the fori dent, at 
Boipatong, was an indirect result of an African 
National Congress mass protest campaign to 
brtog doym Q*e white government 

UN drop* airport plaro The United Nations 
abandraied plana to send Canadian troops to Sara¬ 
jevo to take Control of the airport, after Serb irregu¬ 
lars renewed bombardment of the Bosnian ««plfa»l- ! 
Page 2 

Hachetto, heavily indebted French media group, 
secured shareholders* consent fora FFftfibn 
($530m) recapitalisation package as a precursor 
to its proposed merger with French defence com¬ 
panyMatra. Page 17 ' 

Telephone Organisation off ThaBand . 

awarded a contract to install and operate im 
provincial telephone lides to a Thai consortium 
planning to buy equipment from Canadian, French 
and Japanese companies. Page 3 

Rhe in PK mininplo yi n iB l; The number 
of people out erf wort hrthe UK dimbed to more 
than 2.7m lastmouto, thehighest for nearly five 
yedrs.paged ' 


leading four brokers reported generally lower 
profits from their overseas operations last year, 
btrt expect arotum toprofit this year to spite 
of continuing market weakness- page 21 

Tokyo’s fina nc ia l re to rtwas Barriers between 
Japan's banking and securities business are to 
be lowered following legislation allowing banks 
and securities houses to enter each other’s busi¬ 
nesses. Page 21 , 

Olympia A York, troubled property company, 
outlined a debt-restructuring proposal which 
would include extending repayments on most 
of its debt for five years and disposing of some 
of its Canadian properties. Page 20 . 

US trade deficit widens: A sharp rise in 
the US merchandise trade deficit in April provided 
an early warning of possible adverse trade trends 
later this year if the US economy continues to 
revive and demand remains subdued elsewhere. 

The deficit jumped from $5.4bn in March to |7bn, 
the greatest shortfall for 17 months. Page 5 

Kuwait to heap Spanish Interests Kuwait 
Investment Office said it would not withdraw 
its large industrial investment from Spain despite 
the cost bf rebuilding Kuwait and the resignation 
this month of its long-time partner in Spain, Javier 
de.Ia Rosa. Page 17 

Union seeks investigation: The UK's 
nnjinrial regulators have been asked by the Trans¬ 
port and General Workers’ Union to inves tigate 
the pension fuiul manager of Courage, the brewer, 
after the fond was forced to write off a £10m 
(218.5m) investment in a company related to Fos¬ 
ter’s Brewing Group, Courage’s Australian owner. 

UK ran losses rises British Rail is about 
to announce that its losses for the year to March 
have Increased from the previous year’s £ 10.3m 
to a worse-than-expected £150tn. Page 6. 

Coop blocked: Chad’s military government 
claimed it foiled an attempted coup led by public 
works minister Abbas KottL 

Bomb surprise: A 96-year-old Belfast woman 
took a packag e from her coal-bunker into her 
home without realising it was a bomb. Police 
were alerted and the device was defused. 


FT-SFtOO: -_ 2JS82.1 P35.7} 


FT-SE Eurotrat* 100 -1,145* 

FT-A AB-Stara —-L238.W 




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longBood-- — MtU 



3-motntertw*.-IK HOi*} 

Ufteiongofctattrc—SW*7g {Sep 97%) 
■ WORTH SEA OIL (Argwt) 


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How York Coma.- SM2 (MU) 

if*. • -0 4195 (342J5) 


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£ Index 



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Gma Dr260 


ksfcsnd Ki180 


Monaila RpSOOO 
tew l SNSM 
tttfy 12500 

Jordan JD12Q 
Korea WASH 
Kuwait FH&5D0 
Lebanon US$7* 
Lux LFrtO 

Mata Lmoa 
Morocco Whll 

Nat> Rato 

Nigeria NUre» 
Norway HKri&CO 
Oman 011120 
Pakistan «B 
PftMpptew Pbo« 
Poland atWM 
Portisal EaWO 
Qatar QRtOJlO 

SArabta SRUO 
Skgapors 3S4.HI 
Spain PS200 
Sweden. 9W 
Swte SFim 
Ibaflend Bta» 
TcnfeJa OInIJMO 
Turkey ISDN 
UAE DtSte 



Early morning arrests follow pressure for action 

Sons of Maxwell face 
£135m fraud charges 

By John Mason, Andrew Jack, 
and Raymond S noddy 

MR Kevin and Mr Ian Maxwell, 
sons of the disgraced publisher 
Mr Robert Maxwell, and Mr 
Larry Trachtenberg, an Ameri¬ 
can business associate, were yes¬ 
terday charged with fraud after 
being arrested at their London 

The early morning arrests 
came eight months after the 
deatit of Mr Maxwell to the sea 
off the Canary Islands and during 
me of the most complex investi¬ 
gations carried out by the UK 
Serious Fraud Office. 

The police made the arrests 
while the SFO investigation has 
been only half completed, ami the 
decision to move.yesterday took 
{dace against a background of 
mounting pressure tor action and 
intensifying press coverage. More 
than £900m ($L66bn) is still mus¬ 
ing from a variety of Maxwell 
companies and pension funds 
affecting thousands of Maxwell 


The throe men thee a total of 15 
charges of conspiracy to defraud 
and theft involving £135m. 

Mr Kevin Maxwell, at 33 the 
youngest Maxwell son, and a. for¬ 
mer rhab-man of Maxwell Com¬ 
munication Corporation, was 
charged with~two counts of con¬ 
spiracy to defraud and six of 
theft. The charges include the 
alleged defrauding of the Swiss 
Bank Corporation of £55m and 
toe Swiss Volks Bank of $35m. 

Mr Larry Trachtenberg, a 39- 
year-old former London School of 
Economics lecturer and financial 
adviser, to th** late publisher, was 
c§pigedsy?lth two counts of con- 
sjaracy to defraud SBC and Volks ■ 
Bank and four theft charges. 

- Mr Ian Maxwell, 36, the former 
Mirror Group chairman, was 
charged on a single count of con- 
spiracy to defraud Volks Bank of 

Pimm Timor HunoOrtos sod LrtOt ton dm Mm r 

Ian (left) and Kevin Maxwell leave Snow Hill police station in London after their arrest 

■ Full list of charges 

■ Background to the arrests 

■ The Big Lies Inside Maxwell’s 


■ Arguments pointing to suicide 


The- charges"relate to only 
three of the five areas of inquiry 
still being pursued by the SFO, 
and all but one of the alleged 
offences are said to have taken 
place after Mr Maxwell’s death 

on November 5 last year. 

The five lines of inquiry are 
into the circumstances surround¬ 
ing a £55m loan from Swiss Bank 
Corporation, the MCC pension 
tends, money missing from Mir¬ 
ror Group Newspapers, an 
alleged share support operation 
and cash and investments 
removed from MCC. 

Accountants tracing Maxwell 
assets on behalf of creditors and 
pensioners said the charges 
would have no effect on their 

Following the arrests, the three 
men were taken to City of Lon¬ 
don police station shortly after 
7am and were detained without 

being questioned before being 
charged. Shortly before lpm the 
three men were escorted through 
a crowd of cameramen and 
onlookers and taken to City of 
London Magistrates for their first 
court appearance. 

Reporting restrictions woe not 
lifted and aH three were released 
on conditional bail to reappear 
on September l. The trial - 
likely to be the largest case of 
alleged fraud to come before the 
UK'Conrte — is hot expected to 

Continued on Page 18 
Background and foil charges. 
Page 6,7 

Nowhere to ran. Pages 8,9 

Legacy of a determined man 

By Nonna Cohen, Andrew Jack 
and Bronwen Maddox in London 
and Alan Friedman in New York 

and testament reveals a man 
determined to control his image 
beyond the grave. He left a total 
of £2m (S3.7m) to his family and 
friends, with the rest of his per¬ 
sonal estate going to causes 
including world peace, the 
defence of Israel and the eradica¬ 
tion of Alzheimer’s disease and 

But beneficiaries who brought 
the Maxwell family or Maxwell 
companies "into disrepute” will 
lose their inheritance. Any who 
unsuccessfully challenge the win 
would see their legacy cut to only 
£ 1 , 000 . 

The Financial Times has 
obtained a copy of the wUl, 
drawn up on July 12 1987 and 
amended on December 30 1960. 
The will’s authenticity has been 
independently confirmed by a 
lawyer involved in its prepara¬ 

Mr Maxwell left money to a 
Israeli synagogue to ensure that 
“prayers be said in perpetuity" 
for himself and his close relations 

on the anniversaries of their 
deaths. He asked to-be buried in 
an orthodox Jewish cemetery in 
Jerusalem in accordance with 
orthodox rites. 

Ms Jean Baddeley, Mr Max¬ 
well’s former secretary and a 
dose friend, inherits £100,000 and 
“shall continue to be employed in 
and about the management of my 
estate.. .on the most generous 
terms of compensation." 

Robert Maxwell’s widow. Elisa¬ 
beth, inherits £500,000 and three 
apartments to France. Each of Mr 
Maxwell’s seven children is to 
receive £200,000. His sister, Sylvia 
Rosen, inherits £150,000. Helene 
Atkin and Michael Atkin, a 
and nephew, inherit $200,000 

Mr Maxwell left everything else 
in his personal estate to charita¬ 
ble organisations. For years, how¬ 
ever, the ultimate owners of the 
Maxwell corporate empire have 
been secretive offshore trusts to 
Liechtenstein and, recently, Gib¬ 
raltar. Investigators are now 
attempting to penetrate the confi¬ 
dentiality that shields these 

The named beneficia ri es of the 
will may not receive anything. If 

creditors force the estate into 
bankruptcy, they will rank above 
anyone mentioned in a will. 

The document was given to the 
FT by Mr Frank Field, the 
Labour MP who chaired the 
House of Commons select com¬ 
mittee on social security which 
held hearings into the Maxwell 
affair. Mr Field declined to iden¬ 
tify his source except to say he 
was satisfied the person has inti¬ 
mate knowledge of Mr Maxwell’s 
personal affairs. 

in exp laining his release of the 
confidential documents, Mr Field 
said “A person approached me 
who was mortified about what 
happened to the pensioners and 
concerned about the apparent 
lack of activity. I was asked to 
place tills information with, the 
FT in the hope that other people 
who' know part of the story 
would come forward.” 

Mr Field said he had been told 
that the bulk of Mr Maxwell’s 
assets were stored in roughly a 
ri/wgn charitable trusts based in 
Liechtenstein and that not even 
Mr Kevin Maxwell knew toe loca¬ 
tion of ah the assets at the time 
of his father’s death. Much of the 
assets consisted of shares in vari¬ 

ous Maxwell companies and it 
the value of current holdings is 

The will in full. Page 9 

GPA abandons 
flotation as 
demand fades 

By Roland Rudd In London 

GPA, the privately owned 
aircraft leasing company, was 
yesterday forced to abort its 
planned global flotation valued at 
about $800m because of poor 
demand from instit utiona l inves¬ 

The move, which lama early 
yesterday only hours before the 
shares were due to begin trading, 
followed a meeting in London 
between the Irish-based company 
and its advisers. 

Institutional ttemaiyi in the US 
collapsed at the Last moment, 
affecting demand for shares from 
institutions in London and Dub¬ 
lin, where the flotation was due 
to take place. By yesterday morn¬ 
ing there was only flgmanri - 
mainly from retail investors in 
international markets - for 53m 
out of toe 85m shares the com¬ 
pany hoped to sell 

The rapid collapse of institu¬ 
tional demand, particularly in 
tile VS, was blamed on the falling 
world markets and general con¬ 
cerns about the state erf the air¬ 
line industry. 

At the meeting between the 
company and its advisers in the 
early hours yesterday, Dr Tony 
Ryan, GPA's chairman and 
founder, implored his investment 
bankers to try to save the flota¬ 
tion by lowering the price or issu¬ 
ing fewer shares. 

But toe advisers, which include 
Nomura as global coordinator, 
Goldman Sachs and Merrill 
Lynch in the US, and J. Henry 
Schroder Wagg in the UK, felt 
the issue could not go ahead 
without sufficient institutional 
demand. One adviser said "We 
had a duty to the retail investors 
as well as to the company.” 

~ The flotation had been expec¬ 
ted to raise around 5800m in new 
money, valuing the group at 
$2.4bn- Without the new money 
the group will have to rely 
increasingly on debt finance. 
GPA has to pay for $I2bn of firm 
orders from manufacturers for 
aircraft by toe end of the decade. 

Mr Maurice Foley, GPA’s chief 
executive, said: “We have never 
been dependent on one source of 
finance and will continue to tap 
other areas. " He added that the 
group was likely to go back to 
tiie debt market where it recently 
raised $500m in a public bond 

■ Deal that did not fly through 

bad timing and nerves 

PAGE 14 

■ Lex 

PAGE 18 

■ Aborted global Issue 

PAGE 18 

■ London stoekmaricet 

PAGE 33 

But the aborted flotation has 
already affected GPA’s ability to 
raise new finance. 

The group’s credit rating from 
Standard & Poor’s, the US rating 
agency, was yesterday placed 
under review for possible down¬ 
grade. Moody’s Investors Service, 
the other big US agency, is 
already reviewing GPA for down¬ 
grading. Moody yesterday 
warned: “The aborted flotation is 
a negative factor.” 

Mr Foley said that a downgrad¬ 
ing would be “unwelcome” but 
predicted that it would not signif¬ 
icantly affect the group’s ability 
to raise new finance. 

At a meeting at its London 
office GPA’s senior executives 
yesterday discussed the possibil¬ 
ity of trying to go public again 
sometime in the teture. 

Mr Foley said that if the group 
does decide to try to go public 
again it would be more likely to 
do so to one market Instead of 
trying for a simultaneous listing 
in three capitals. 

However, one of the group’s 
advisers yesterday said he 
doubted whether GPA, which 
was founded by Dr Ryan in 1975, 
could ever go public. “1 am really 
not sure they are not best suited 
. to remaining a private company” 
he said. 

GPA’s orders account for more 
than 10 per cent of the outstand¬ 
ing orders from the world's big¬ 
gest civil aircraft makers, Boeing 
and Airbus. 

The last-minute cancellation of 
GPA’s flotation - unlike Si’s 
issue last week which was stiff 
some way from toe market - is 
not expected to have any real 
impact on forthcoming issues 
such as Wellcome Trust, the 
majority shareholder in Well¬ 
come, the pharmaceuticals group. 

The UK market is currently 
seeing the greatest run of new 
issues, apart from privatisations, 
since the 1987 stock market 

Lloyd’s warned of litigation 

By Richard tapper in London 

LEADERS of Lloyd’s Names yes¬ 
terday warned of escalating legal 
action after its governing council 
refected a bail-out scheme to help 
Names hardest hit by recent 

A minority of Lloyd's Names - 
individuals whose assets back 
the insurance market - will bear 
the brirnt of Lloyd's estimated 
£2bn 2959 losses to be announced 

next week. 

The bail-out scheme was 
rejected because of commercial 
and legal problems. Instead, help 
will be limited to a possible 

improvement erf the “hardship'* 
relief offered to Names faced with 

Mr Ttan Benyon, chairman of 
the Society of Names, a group 
representing members in diffi¬ 
culty, said Lloyd’s “faced death 
by a thousand writs”. 

Mr Christopher StockweU, 
chai rm an of the Lloyd’s Names 
Associations working party, 
which represents a number of 
Names’ action groups, said; “It’s 
a tragedy. They have missed a 
major opportunity and face 
mnmrfwqr rhans. ” 

Many Names allege that negli¬ 
gence by professionals in the 

market is responsible for their 
losses. More than 2,000 have 
taken action. 

Mr Mark Fairer, chairman, of 
toe Association of Lloyd’s Mem¬ 
bers, which represents more than 
9,000 Names, said he was “disap¬ 
pointed” but accepted that there 
was a “significant lack of sup¬ 
port” among more successful 
Names for a bail-out, which they 
would have to fund. 

He warned that for loss-making 
Names “regretfully litigation is 
the only course that might lead 
to a measure of redress". 

Editorial Comment, Page 14 

EteOpanNBWs- Z 

Irtenwflored 4 

American News—_S 

Work) Trade New —3 

UK News--—6 


Mm ttw ___16 






FT Law Report 


W 31 


Ana ____... 



TV and Radio. 

.13 Commodate*. 
-40 FT Actuate* . 



TPs GPA debacle. 


Inti, Companies — 

Property Martat-9 

FT Worid Actuaries—.44 
. 23124 Foreign exchange* —40 

—18 Gold Maricata __—32 

.2122 Eqifly Options-22 

.1941 Managed Funds—3840 

Money Marietta_—40 

Recent iaauea —. ■—-.2? 
Share Information 34^5,44 

London SE —--33 

WaU Street-41-44 

Bourses—;-41 M 

FINANCIAL TIMES ® FT No 31,788 Week No 25 




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,f ih fi 

Italy’s Mr Clean steps into the breach 

By Robert Graham In Romo 

A NEW KIND of prime 
minis ter took cm the challenge 
of governing Italy yesterday 
and immediately set himself 
the task of steering the ship of 
state away from the rocks. 

The appointment of techno¬ 
crat Professor Giuliano Amato 
marks a decisive break with 
the past, having won the job 
for Ids ability and moral quali¬ 
ties rather than in a backroom 
party deal. 

He emerged from long talks 
with President Oscar Luigi 
Scalfaro and flipftgprf action to 
improve public finances, clean 

up government and introduce 
institutional reforms. 

The 54-year-old constitu¬ 
tional lav professor and former 
Socialist finance minister said 
talks on forming a government 
could take time. 

He expected to rely an the 
narrow parliamentary majority 
of Christian Democrats, Social¬ 
ists, Social Democrats and lib¬ 
erals which formed the previ¬ 
ous government. However, it 
was clear he anticipated 
broader cross party support 

Prof Amato's appointment 
represents a break; with, the 
established practices of paity- 
conttolled politics. 

hits at ‘power 
crazy’ parties 

By Quentin Peel In Bonn 

GERMAN politicians, 
undermined by growing voter 
apathy, declining popular 
esteem and scandals over pay 
and privileges, are now facing 
criticism from Mr Richard van 
Weizsacker, the president 

In an interview with two 
leading newspaper correspon¬ 
dents, the former leading light 
in the ruling Christian Demo¬ 
cratic Union (CDU), attacks the 
lack of leadership in the Ger¬ 
man political establishment, 
accuses the parties of being 
“power crazy” and irresponsi¬ 
ble. and questions the direction 
of the country's unification 

His words have been seized 
upon by government oppo¬ 
nents as an attack on the rul¬ 
ing coalition, and in particular 
on his former party colleague. 
Chancellor Helmut KohL 

That was swiftly rejected by 
the president's office. The real¬ 
ity is that his criticism was 
across the entire Ger¬ 
man political establishment 
represented by the hot-house of 
political intrigue in Bonn. 

Mr von Weizsacker is con¬ 
cerned at the way parly politi¬ 
cal debate appears to be under¬ 
mining the constitutional basis 
of German democracy. 

The result is that inner-party 
debates, and the regular “coali¬ 
tion negotiations" between the 
three parties In the German 
government, have become the 
real decision-making bodies - 
leaving the classic balance 
between executive' government 
and parliamentary control lit- 

Ukraine threatens 
to split CIS in 
row with Russia 

By ChrysUa Freeland in Kiev 

THE prospect of a break-up of 
the Commonwealth of Indepen¬ 
dent States came closer yester¬ 
day after Ukraine stepped up 
its conflict with Russia over 
the Crimea. 

An adviser to Ukrainian 
President Leonid Kravchuk 
said Russia would be asked for 
guarantees that it would not 
claim Ukrainian territory at 
the Ukralnian-Russian s ummit 
next week. 

Professor Mykola Mykbal- 
chenko warned that Russian 
failure to agree to Ukraine's 
demands - particularly acute 
because of the Russian parlia¬ 
ment's claim to Ukraine's lush 
Crimean peninsula - could 
precipitate the break-up of the 
CIS. Ukraine also hopes to 
resolve the row over division of 
the Black Sea Beet and mil 
seek agreement with Russia on 
deported people which would 
enable the Crimean Tatars to 
return home. 

“Ukraine cannot be a mem¬ 
ber of an association together 
with another state which has 
claims on its territory," Profes¬ 
sor Mykhalchenko said. 

Prof Mykhalchenko said it 
was unlikely Russia would 
accede to Ukraine's terms, and 
that Ukraine may try to force 
Russia out of the CHS on the 
grounds that it Is threatening 

other member states. Ukraine 
is unlikely to succeed in this 
but it has enough allies in tbe 
CIS, such as Azerbaijan, to 
cause a big rift 

Prof Mykhalchenko said the 
meeting at the Russian Black 
Sea resort of Dagomys was 
Russia’s last chance to 
acknowledge Ukrainian sover¬ 
eignty and show that “we. the 
Uk rainians , are not the o nes 
who are souring relations-" 

His comments suggest Ukrai¬ 
nian politicians are proving 
immune to Russian efforts to 
apply economic pressure. 
According to Ukrainian eco¬ 
nomic experts, last week in 
Moscow Russian negotiators 
said that Russia would charge 
world prices for oil the 
moment Ukraine introduces a 
separate currency and leaves 
the rouble zone. 

This could be devastating for 
Ukraine, heavily dependent on 
Busman subsidised oil, but in 
Paris this week Mr Kravchuk 
said Ukraine would introduce a 
separate currency, the hryvnia, 
in August or September. 

At Dagomys Ukraine will 
seek an agreement on prices 
and the introduction of the 
hryvnia and a formula for 
dividing the former Soviet 
Union’s debts and assets. Prof 
Mykhalchenko said failure to 
agree “could have very nega¬ 
tive effects on relations". 

He has been chosen not in a 
back-room deal but from neces¬ 
sity: as a man capable of 
obtaining a broad cross-party 
consensus with high moral 
standing and genuine grasp of 
institutional reform and eco¬ 
nomic policy. Similar consider¬ 
ations led to the surprise elec¬ 
tion of Mr Scalfaro as 
president . 

He is the first post-war prime 
minister to be chosen more for 
his technical than political 
abilities. An academic who 
gradually shifted into politics, 
he only became a deputy for 
Ms native Turin in 1988, and 
most of bis political experience 

has been as adviser and right 
hand man to Mr Bettino Cram, 
the S ocialist leader and prime 
minister from 1983 to 1987. 

It is an equally important 
for an Italian leader 
to be chosen for his moral 
qualities. Amid growing out¬ 
rage over the Milan municipal 
corruption scandal involving 
rigged contracts and pay-offs to 
political parties. Prof Amato 
represents a “Mr Clean". He is 
currently investigating his 
Socialist party's corrupt activi¬ 
ties in Milan. 

This «dd T the process of his 
selection was tortuous. The 
new It alian president has 

exploited the weakness of the 
main parties after the election 
and demanded quick agree¬ 
ment on their candidates for 
the premiership. Faced with 
deadlock this week, President 
Scalfaro took the initiative. 

He said the outgoing four- 
party coalition lacked legiti¬ 
macy after the April elections 
and needed a broader base. Ide¬ 
ally this meant the hack in g of 
the former communist Party of 
the Democratic Left (PDS), the 
second largest parliamentary 

Mr Craxi objected, and 
insisted on his own candida¬ 
ture until President Scalfaro 

made him realise on Wednes¬ 
day that this was unrealistic. 
Mr Craxi has been too heavily 
compromised by the Milan 

In proposing Prof Amato as 
his substitute, Mr Craxi has 
salvaged some honour, the 
Socialists have their deputy 
leader in the prime minister's 
office, the Christian Democrats 
have the presidency and the 
PDS has the speaker of the 
Chamber of deputies. The 
Christian' Democrats have 
avoided tbe embarrassment of 
having to chose a candidate 
when they cannot agree a suc¬ 
cessor to Mr Arnaldo Foiiani, 

who resigned after the party’s 
poor election showing. 

The PDS and Republicans 
are happy to see Mr Craxi, a 
long-time enemy, humiliated. 
His absence from government 
makes their support more 
forthcoming. But the PDS was 
furious that the outgoing coali¬ 
tion managed to use its narrow 
parliamentary majority to fill 
the heads of all 26 of the cham¬ 
bers’ commissions. As for the 
populist. Lombard League, the 
second largest party in north¬ 
ern Italy, Prof Amato is a suit¬ 
ably neutral figure and allows 
it time to gain parliamentary 

tie more than theoretical. 

The president’s intervention 
follows a series of local elec¬ 
tions in which all the tradi¬ 
tional political parties - his 
own CDU, the main opp ositio n 
Social Democratic Party (SPD), 
the minority Free Democrats 
(FDP), and the Bavaria-based 
Christian Social Union (CSU) 
all lost ground, partly because 
of voter apathy and partly to 
the radical extremes of left and 

Scandals over politicians’ 
pay rises have undermined 
their public standing in Ham¬ 
burg and Saarland. In the lat¬ 
ter, Mr Oskar Lafbntame, dep¬ 
uty leader of the SPD, has just 
survived a noconfidence vote. 

Two opinion polls show 
unprecedented popular scepti¬ 
cism. with those doubting the 
veracity of their political lead¬ 
ers rising from just one third 
in 1977, to 60 per cent this 
ApriL In another poll only 28 
per cent believed the right peo¬ 
ple were leaders. 

What appears to have wor¬ 
ried Mr von Weizsacker most 
of all, however, is the scepti¬ 
cism directly related to unifica¬ 
tion. In tiie east, mistrust of 
politicians is highest of all, and 
real unemployment is still ris¬ 
ing. In the west, there is 
unwillingness to face the frill 
costs of helping the east 

The president has already 
appealed for a new national tax 
to pay for the eastern econ¬ 
omy. That was flatly rejected 
by Chancellor Kohl and his col¬ 
leagues. His latest intervention 
should step up the debate. 
Observer, Page 17 


One of Ireland’s future voters gets the hang of what to do by watching her grandparents marking their ballot papers to yesterday’s referendum 

Irish mist descends over Maastricht 

Beyond the Pale, many perceive it as a treaty without cause, writes David Gardner 

I F Ireland’s voters turn out to have 
endorsed the Maastricht treaty in 
yesterday's referendum, it will have 
been without enthusiasm. It would also 
have been largely in spite of a pro- 
treaty campaign by the country's politi¬ 
cal establishment which created suspi¬ 
cion and deep irritation. 

Many people are plainly 
being patronised by what they see as a 
“we-know-best" elite which has done 
well out of Europe and hopes to do even 

The government hijacked the air¬ 
waves, keeping its opponents off televi¬ 
sion, annoying both the Yes and No 
camps in its obviously rattled attempts 
to ram through ratification. 

The country's leading paper. The 
Irish Times, in a strongly argued leader 
on Tuesday in favour of a Yes vote, was 
lapidary in its judgment of the govern¬ 
ment’s campaign. 

The government almost certainly 
erred tactically by overemphasising tbe 
expected cash bonanza of I£6bn (£&5bn) 
from the EC’s boosted “cohesion" and 
regional aid effort for poorer member 
states - money which is in question 
because of resistance by net contribu¬ 
tors to the EC budget to pay it 
The referendum result, in conse¬ 
quence, yesterday looked as though it 
would be very close. A straw poll by the 
FT of a hundred or so people in a cross- 
section of Dublin and in County Wick¬ 
low showed a 51-49 margin against the 
treaty, with a further 18 voters claiming 
stiff to be undecided. 

There were doubts about whether the 
fabled cohesion money would arrive, 
and if so, whether this meant jobs. 

There was concern on both sides of the 
abortion debate, and about the extent to 
which Maastricht's aspiration to a 
future common defence dimension for 
Europe compromised Irish neutrality. 

“I think they're keeping us in the 
dark about neutrality," said Fiona Mur¬ 
phy, a waitress. And despite Mr Reyn¬ 
olds' pledge of a new referendum in 
1996 if the EC assumes joint defence 
commitm ents then, she was voting no. 

Ireland has done well out of the EC. 

tricht," admits one senior Irish Euro¬ 
crat, explaining the parties’ failure to 
canvass. Yet this probably sells ordi¬ 
nary Irish voters short 

Their ire is not primarily caused by 
Maastricht, nor do they appear Euro- 
sceptical. Mr Christy Byrne, a small 
dairy farmer in the Wicklow mountains 
south of Dublin, was voting yes while 
complaining “there’s nothing in tins for 
small farmers.” 

Yet he felt that Ireland couldn’t 

Until shocked out of its complacency 
by the Danes, Mr Albert Reynolds’ 
government had not deigned to explain 
or promote the treaty to the populace 

At one level, it gets l£6 back for each 
pound it puts into the Community bud¬ 
get. Bat more fundamentally, it has 
nearly doubled its tradeable goods sec¬ 
tor (from 31 to 51 per cent of GDP) since 
entry. Europe has opened up markets 
and allowed this small, peripheral 
nation to dilute dependence on the UK 
for the first time In its modern history. 

But neither Mr Reynolds’ party, 
Fianna Faff, nor the three other main 
parties supporting the treaty, have been 
able to activate their powerful 
machines and appear to have little 
accurate information on door-step 

"Nobody except the civil service elite 
is interested in or in favour of Maas- 

afford to be without Europe and that if 
the government were “more honest" 
the Yes vote would sweep it 

Anger is variously directed at politi¬ 
cians perceived as shifty, and the cro 
aer power of the the church. Under the 
previous government, these two estates 
combined to toss the red herring of 
abortion into the treaty, as a protocol 
guaranteeing that no EC law would 
interfere with Ireland's constitutional 
ban on abortion. 

The government subsequently tried 
to disentangle tbe two issues, by agree¬ 
ing to a separate and later referendum 
on the rights to information on abor¬ 
tion, and to travel for pregnancy termi¬ 
nation. What began as a cynical 

WEU prepares to strap on some weapons 

By Robert Mauthiw, 
Diplomatic Editor • 

THE long-dormant Western 
European Union is today 
expected to agree to give itself 
a genuine military role, 
including the capacity to send 
peace-keeping forces to flash¬ 
points like Yugoslavia and 


Foreign and defence minis¬ 
ters of the ninenoation organi¬ 
sation are meeting outside 
Bonn to discuss what practical 
military steps can be taken to 
implement their declaration 
on a common European 
defence identity, attached to 
the Maastricht treaty. .. 

That declara tion, which 
states both that WEU will be 

developed as “the defence com¬ 
ponent of the European union” 
and as a means to strengthen 
the European pillar of the 
Atlantic affiance, is diversely 
interpreted by member states. 

While Britain has pot the 
accent on the organisation’s 
continuing close relationship 
with Nato, France, Germany 
and some other members see 
its role as leading gradually, 
but inexorably, to a common 
European deforce policy under 
the political direction of EC 

These ideological differ¬ 
ences, however, should not 
prevent ministers from taking 
decisions on tbe forces to be 
assigned to the WEU for pur¬ 
poses ranging from peace¬ 

keeping and humanitarian 
operations to military inter¬ 
vention outside the Nato area 
of the Gulf War type. 

Mr Malcolm Rifkind, the 
British defence secretary, has 
proposed that European multi¬ 
national units such as the 
planned D utch-Belgian-Ger- 
man-British Nato division, the 
UK-Nether lands amphibious 
force or the Franco-German 
corps could be pu t at the dis¬ 
posal of tbe WEXJ. 

The ministers are also due to 
give the green light to a 40- 
member WEU military plan¬ 
ning celL ■ 

In a declaration to be issued 
at the end or the meeting, the 
WEU will offer, as did the 
Nato Council earlier this 

month, to make its forces 
available for peace-keeping 
operations at the request of 
international organisations 
such as the United Nations and 
the 52-nation Conference on 
Security and Co-operation in 

Decisions on whether to take 
part In such operations will be 
tak en on a case by case basis 
by WEU member states. 

The ministers are also due to 
invite Greece, Denmark and 
Ireland, the only three EC 
memb ers not already in the 
WEU, to join the organisation 
as frill members or observers. 
Of these three, only Greece has 
applied for frill membership. 

In addition, associate mem¬ 
bership will be offered to Tor- 

EC fails to agree on multinationals Fall in value of arms trade 

By Andrew Hill in 

MINISTERIAL agreement on 
a European company 
statute - which would sim¬ 
plify the legal position of mul¬ 
tinational companies in the 
Community - has again been 
postponed, possibly until the 
end of this year. 

EC internal market minis¬ 
ters,- meeting in Luxembourg 
yesterday, failed to narrow 
their differences over the Euro¬ 
pean Commission's proposals. 

The measure would allow 
multinational companies to 
become sociites europiermes 
(SEs). They would be subject to 
a single EC company law, 
instead of having to meet dif¬ 
ferent legal requirements in 
each member state. 

Portugal, which holds the EC 
presidency until the end of this 
month, has pushed hard for 
adoption of the statute. But its 
efforts have been thwarted, 
partly because of persistent 
objections from some member 
states.about proposals to 

encourage employee participa¬ 
tion at board level in SEs. 

Britain, for example, argues 
that such provisions could set 
a precedent for binding EC 
company legislation later. One 
Portuguese official said yester: 
day that he thought the UK 
had missed a good opportunity 
to agree a directive over the 
past six months. 

British officials said the tech¬ 
nical nature of the measure 
meant it would probably' not be 
considered by ministers until 
near the end of the UK’s six- 

mouth presidency, which fol¬ 
lows Portugal's. 

# Member states were last 
night stQl discussing a direc¬ 
tive. aimed at protecting 
national treasures once inter¬ 
nal EC frontiers are removed 
on January 1, 1993. British auc¬ 
tion houses are concerned that 
a measure, allowing a wide def¬ 
inition of national treasures 
which cannot be exported, 
could restrict the European art 
market. Ministers were still 
discussing compromise propos¬ 
als yesterday evening. 

By Robert Taylor In 


THE WORLD arms trade in 
large conventional weapons 
dropped by 25 per cent In value 
last year to $22.H4bn, accord¬ 
ing to the annual survey of the 
Stockholm International Peace 
Research Institute published 
yesterday. The break-up of the 
Soviet Union was the main rea¬ 
son, Sipri argues. 

During the 1980s that coun¬ 
try was responsible for around 
40 per cent of the global trade, 

but that figure had shrunk to 
less than 20 per cent by last 
year. Tbe value of Soviet weap¬ 
ons exports last year was 
roughly 22 per cent of that 
recorded in 1387, says Sipri. 

The US is now by far the 
hugest exporter of large con¬ 
ventional weapons, accounting 
for 51 per cent of deliveries last 
year to a value of $u.l95bn. 
The dissolving Soviet Union 
accounted for $3£3bn worth of 
arms exports. But Sipri reveals 
that Germany is now the third 
largest conventional arms sup¬ 

plier in the world with sales 
last year valued at $2.0l5bn 
- far more than China 
($l.l27bn), Britain ($899m) and 
France ($804m). 

Last year there was a. 
marked reduction in arms 
imports to the developing 
world - $l2.336bn from 
$l6,720bn In 1990. However 
India was the largest arms 
importer ($2.009bn), followed 
by Israel ($1.676bn), Turkey 
($I.559bn) and Afghanistan 
($1.220bn). Thailand increased 
its arms imports substantially. 

halts UN 
relief of 


By Judy Dempsey (n Belgrade 

UNITED Nations officials 
yesterday abandoned plans to 
send Canadian troops to Sara¬ 
jevo to take control of the air¬ 
port, after Serb irregulars 
renewed their bombardment of 

the besieged Bosnian capital , 

“There is all out war bare," a 
UN said, adding that 

the UN was trying to get the 
Bosnian presidency, the Serb 
irregulars and Serbia’s proxy 
army to sign a new agreement 
aimed at re-opening the air¬ 

Serb irregulars have block¬ 
aded the airport, preventing all 
food and humanitarian aid 
from reaching Sarajevo, whose 
300,000 inhabitants have been 
besieged for 75 days. 

Members of the Territorial 
Defence force, which consists 
of Sarajevo’s Moslem, Serb and 
Croat communities, and which 
Is trying to defend the city, 
said yesterday that any new 
agreement was “almost mean- 

attempt to get the church on ride has 
ended by ranging anti-abortionists and 
pro-choice groups against the treaty, 
leaving very little middle ground for 
Irish women, whose vote could decide 
Maastricht's future. 

Mrs Helen Kelly, a heavily pregnant 
resident of Glendalough in Wicklow, 
was undecided on Maastricht She was 
cynical about foe government and hos¬ 
tile to the anti-abortion campaign, as 
“just a way of trying to package the no 
vote to throw it [the treaty! over." 

Her husband, Tom, a small road haul¬ 
ier struggling through the economic 
downturn, was voting yes. *Td say go 
with Europe, what choice have we?" 

In affluent Dublin areas like Donny- 
brook, Maastricht is not in doubt yet in 
mixed class areas of north Dublin like 
Drumcondra the vote yesterday was 
nearly 2-1 against the treaty. 

The gulf was equally visible in Bray, 
12 miles south in Wicklow, now easily 
accessible thanks to a new by-pass part- 
financed by the EC regional fond. Yet 
in one hostelry where local working 
men had gathered to watch the football 
televised on Wednesday night Maas¬ 
tricht could not muster a single indige¬ 
nous vote. 

“No, no and no," said Liam, “that 
stuff’s for yuppies. There’s nothing in it 
for Joe Soaps and the workers like me." 

Irish and EC leaders have tended to 
take such people for granted. The 
fixture of the Maastricht treaty hung on 
there being just enough voters to out¬ 
weigh them, even if many were saying 
yes out of fear of isolation from Europe 
rather than enthusiasm for a cause no 
one has bothered to kindle. 

“The Serbs sign a ceasefire, 
re-group, re-arm, and then 
bombard the city from the sur¬ 
rounding hills in an attempt to 
divide our city,” said Mr Mlr- 
sad Kulenovic, a former Yugo¬ 
slav diplomat 

Mr Sefer Halfiovic, com¬ 
mander of the Territorial 
Defence force, yesterday critic¬ 
ised the UN for not doing 
enough to prevent the bom¬ 
bardment and killings. 

He said the UN had made no 
attempt to stop civilians in the 
Sarajevo suburb of Dobrinja 
from being taken out of their 
apartments by Serb irregulars. 

UN officials said their man¬ 
date limited them to negotia¬ 
ting the reopening of Sarajevo 
airport to allow an airlift of 
food into Sarajevo. 

Western diplomats and jour¬ 
nalists in Sarajevo said that 
over the past three days, Serb 
irregulars had entered apart¬ 
ment blocks and had taken res¬ 
idents to a prison in Pale, east 
of Sarajevo, the headquarters 
of Mr Radovan. Karadzic, and 
General Ratko Mladic, leaders 
of the Serb irregulars, and 
Serbia’s proxy army. 

“Tfae innocent civilians are 
taken as hostages in exchange 
for Serb snipers captured by 
the Territorial Defence," a 
western diplomat said. “This is. 
happening under the eyes of 
the UN. This is happening 
every day. It is unspeakable 
the evil which is taking place 

Treuhand plans 
for state farms 

By LasSle Colfo In Berlin 

EAST Germany’s state farms 
- a quarter of the former com¬ 
munist country’s agricultural 
land - are to be leased to 
farmers for 12 years and then 
sold to east Germans and west¬ 
erners, including the former 
nobility whose large estates 
were confiscated after 1945, the 
Treuhand privatisation agency 
said yesterday. 

The agency said it was set- 
ting up a company to supervise 
the leasing of im hectares of 
farmland and 400,000 hectares 
of managed forests. Previously 
only one year leases were 
granted, which made planning 
difficult for tenants. Former 
collective farms are not 

key, Norway and Iceland, who 
are members of Nato but not 
of the EC, with the right to 
parti cipate fully In meetings of 
the WEU CoanciL To take 
account of Greece’s objections 
to Turkey’s association, a spe¬ 
cial provision wi ll be made 
under which the WEU*s and 
Nato's mutual security guar¬ 
antees cannot be invoked in 
disputes between members of 
either organisation. 

• The WEU will examine 
ways of enforcing interna¬ 
tional sanctions against 
Serbia, possibly with a naval 
blockade in the Adriatic, Mr 
Wlm van Eekelen, its secre¬ 
tary general, predicted yester¬ 
day, David Buchan reports 
from Brussels. 



Macedonians make up 67 per 
cent of the population of Mac¬ 
edonia. The Balkans map in 
Wednesday's edition of the 
financial Times stated incor¬ 
rectly this proportion of the 
population was Moslem. 

Tbe tfnands) Tboe* (Europe) U4 
Published by The Financial Times 
(Europe) GmbH. Frankfurt Bruch, 
Nibclungcnplatz . -3, ■ 6000 

Frankfurt-am-Main I: T elep ho n e 40 69 
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Neu-lsenburg 4. Responsible editor. 
Richard Lambert, Financial Times. 
Number .One Southwark. Bridge, 
London SEl 9HL. The Frauds! Tunes 
Ltd, 1992. 

Registered officer Number .One, 
Southwark Bridge, London Si 9HL. 
Company incorporated under the taw* 
of England and Wales. Chairman: 
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ISSN 1148-2753: Commission pari mire 
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EC threatens to 
in subsidy dispute 

ByFrance# Williams in 

Geneva - ■■■ 

TEDS • EUROPEAN : Community 
has ■: threatened -to.'counter- 
retaliate ariosi the US if 
Washington- goes ahead with 
[ trade; reprisals over EC oilseed 
subsidies, fuelling the increas¬ 
ingly bitter, row between - the 
world’s biggest traders. - 

At today's meeting of Gatt’s 
gOTttmng'ftn&icftthie EC will 
offer the, US negotiations on 
trade concessions in other 
areas to compensate for the 
sales lost; by American soya¬ 
bean producers under the oil¬ 
seed subsidy regime. Washing¬ 
ton has said it wants the 
submdies dismantled. But indi¬ 
cations were yesterday that the 
US may be willing at least to 
discuss compensation terms, 
thereby avoiding a head-on col¬ 
lision in the Gait meeting. 

On June 9, Mrs Carla Hills , 
US trade .representative, pub¬ 
lished, a list ..of EC expprts 
worth about $2bn f£lbn) a' 
yyear, hum which about Slbn- 
worth will be selected for impo¬ 
sition cif prohibitive tariffs if 
the two sides cannot reach a 
negotiated agreement." 

A Gatt disputes; panel has 
twice condemned .the EC’s,oil¬ 
seed subsidies, originally-paid 
to processors and. now piud'to 
farmers, for violating, a 1962 
accord-with fhe.US under 
which oilseeds V- soyabeans, 
rapeseed and sunflower seeds 
- enter the EC duty-free. 

The American Soyabean 
Association claims it has lost 
sales of .$2bn A year as a result, 
though the US administration 
puts the figure nearer Slbn. 

Even so, it is the largest retal¬ 
iatory package Washington has 
ever contemplated. 

- EC officials said yesterday 
that Brussels would be justi¬ 
fied in counter-retaliating 
against unilateral US reprisals, 
which are outlawed by Gatt "If 
one party goes outside Gatt, 
the other is not bound by Gatt 
rules, eitherone senior offi¬ 
cial said. 

The disputes panel recom¬ 
mended speedy action by the 
EC either to dismantle the oil¬ 
seed subsidies or negotiate 
compensating concessions, in 
the absence of which the US 
: should be authorised to take 
reprisals. But if the US rejects 
an -EG. compensation offer, 
trading partners may be disin¬ 
clined to afmrtinn retaliation. 
Gatt officials say its legal sys¬ 
tem “is bang stretched to the 
limit" by the oilseeds case. 

Today’s Gatt council meeting 
will hear a call by Costa Rica 
for consultations with the EC 
over a Brussels decision to 
extend quotas on bananas from 
Central America. Costa Rica, 
which says the decision 
breaches international fair 
trade rules, says it will take 
the case to a Gatt disputes 
panel if the decision is not 

- The council will also hear 
requests from Albania, 
Estonia, Moldova and Turk¬ 
menistan for Gatt observer sta¬ 
tus ahead of possible member¬ 
ship. Gatt officials say other 
CIS states have indicated their 
intention to apply for observer 
status; Slovenia has said it 
wants to open membership 


Thai phone group looks 
overseas for equipment 

By Peter Unophakoni In 

Telephone Organisation of 
Thailand (TOT) yesterday 
awarded a contract to jbostall 
and operate Im provincial tele¬ 
phone lines to a .Thai consor¬ 
tium planning to buy equip¬ 
ment from Canadian, French 
and Japanese companies.! . 

The deai ls toe s«»iid part of 
a controversial expansion, plan 
designed to easeThailand’s 
badly-congested . communica¬ 
tions system. Talks on the first 
part were concluded last year 
when a contract was awarded 
for 2m new numbers in Bang¬ 
kok to the Charoen Pokphand 
Group, whose associates 
include British Telecom. 

The government hopes Inves¬ 
tors’ confidence will recover, 
now that a big infrastructure 
deal has been struck so soon 
after last month’s political vio¬ 
lence. A number of other infra¬ 
structure projects are under 
way or started soon, 
makin g up for investors’ hesi¬ 
tancy after the recent political 

The TOT board meeting was 
held in extraordinary circum¬ 
stances. The chairman is Gen 

. Issarapohg Noonpakdee, army 
commander, who has not been 
seen in public since the army 
suppressed the anti-military 
demonstrations last month. 
The board met at the closely- 
guarded Army Operations 
Command headquarters. 

The warning consortium is 
led by Lesley Bangkok, a Thai 
trading company. Its main sup¬ 
pliers will he Northern Tele¬ 
com Canada and Alcatel, of 
Ftance, -and Nippon Telegraph 
and Telephone, of Japan. The 
original project was a single 
package for all 3m new num¬ 
bers. The civilian government 
of Mr Anand Panyarachun, 
installed by toe military after 
last year’s coup, then fell into 
conflict with the general by 
ruling that the deal, originally 
awarded to the CP Group, was 
too monopolistic. 

The convolutions of Thai pol¬ 
itics have brought the Anand 
government back to power fol¬ 
lowing the protests and the 
resignation of the pro-military 
government set up after the 
March general election. The 
generals still dominate state 
enterprise boards, hut pressure 
is growing for them to be 
replaced by appropriate profes¬ 

EC ministers ready to 
act in procurement row 

EC MINISTERS yesterday 
seemed ready to soothe trade 
friction with the U S by 
watering down a third-country 
retaliation chose in new Com¬ 
munity legislation on public 
procurement, Andrew Hill. 
reports from Luxembourg. 

The legislation would force 
utilities to put large service 
contracts, from maintenance 
and cleaning to accountancy 
and Insurance, to open tender. 
The US is threatening trade 
sanctions over the existing 
directive on utility equipment 
contracts, which includes a 
clause giving priority to EC 
companies over third countries 
which have foiled to open their 
markets to competition. 

The US says this “reciproc¬ 
ity" clause discriminates 

against non-EC suppliers, 
mainly In toe telecoms sector, 
and should be changed before 
it comes into force on January 
1 , 1993- EC Internal market 
ministers were yesterday set to 
agree a more relaxed regime 
for the services directive. This 
would let the Commission 
investigate alleged discrimina¬ 
tion against EC companies by 
third countries but would 
insist on any retaliatory steps 
being approved by member 

“All this does is restate what 
toe Treaty [of Rome! already 
allows,” said one official from 
Britain, which was pressing for 
a more open regime. France 
had wanted a tougher clause, 
which might have inflamed the 
EC-US row. 

ECD Export Credit Rates 

PE Organisation tor Economic Co-operation and Development (OECD) 
rwK new minimum interest rates tor ^c'aMy^upported export 
sdha tor June 15 - July 14 (May 15 - June 14 In brackets). 



French Franc 


Italian lira 
Swiss Franc 
US dollar 

9.30 (9.29) per cent 
9.25 (9.36) 

iS'to Sym 9.55 (9.60) 5-a^ years 9.35 (9.4) mor 
than 8.5 years 9.25 (9.30) 

12.04 (same) 

6.10 (5 A) 

12.21 (1228 ) 

10.15 (10.64) 

forcredts of up to five years 6.18 ( 6 - 83 J 5-&5 yea/ 
7.69 (7.76) tor credits of over 8.5 years 8.06 (8.15) 

eae rates are published monthly by the Financial Times, normally 

££ SEiitSKt JO 

bid Interest rates may not .be fixed for longer than 120 days. 

bjoml rates of interest are die same for all currencies but must be 
SmStoTS OECCWeflned poor countries. The SDR-based rate 
ricSgid on February 15. It will be subject to change on July 15. 

Exporters count the cost of Soviet market collapse 

Leslie Colitt looks at the predicament of east German producers confronting a vacuum in sales outlets 

WHILE some west German companies 
have been hurt by plummeting 
exports to the former Soviet Union, 
east German producers have suffered 
an unmitigated disaster. 

Only two years ago West Germany 
still managed DM28bn (£9.5bn) in 
exports to toe Soviet Union, but this 
fell to DMl8bn last year. The decline 
was even more dramatic than It 
appeared as the figure included east 
German exports for the first time. 
Sales to all former Comecon coun¬ 
tries, as a percentage of total German 
exports, were 4.1 per cent in 1990 and 
2.7 per cent last year. In the heyday of 
German trade with the East in the 
mid-1970s, nearly six per cent of Ger¬ 
man exports went to Comecon buyers. 

Mr Karl-Hennann Fink, managing 
director of the eastern trade board of 
German companies trading with toe 
East, is pessimistic. He forecast a fur¬ 
ther slide in German exports to the 
former Soviet market this year of- 
between 20 per cent and 30 per cent 

Although there were a few hopeful 
signals, most forge west German com¬ 
panies with sizeable exports to 
Moscow had registered the alarm sig¬ 
nals early enough to ?nnhfe them to 
switch to other markets. Mannes- 
rnann, for example, cut output and 
sought alternative markets for its 
pipes, with some success, in North 
Africa and South America. 

But companies such as Mamies- 
mazm have kept their manufacturing 
capacity and retain a presence to try 
to prevent competitors from capturing 
orders when they pick up. The com¬ 

pany Is following potential energy 
ventures in the Commonwealth of 
Independent States, such as the Sakh¬ 
alin oil and gas project in which Japa¬ 
nese companies are also interested. 

Some smaller German companies, 
which sold a forge proportion of their 
output to Moscow are hurting far 
more. The situation Is worse for those 
not being paid by former Soviet buy¬ 
ers and not covered by the German 
Hermes export credit guarantee 

The shoe company, Salamander, 
one of the few production-oriented 
German joint ventures with a Soviet 
partner tried, not very successfully, to 

bridge Soviet payments problems by 
selling east German shoes to the Rus¬ 
sians. The company, however, sought 
other markets to compensate and 
reported healthy earnings in April. 

The impact of the trade collapse on 
east German companies has been a 
nightmare for the Treuhand agency 
which still owns nearly aO the large 
producers who were dependent on toe 
Soviet market for 60 per cent and 
more of their output 

SKET, the heavy engineering manu¬ 
facturer in Magdeburg had placed 
high hopes on deals with Ukraine to 
modernise steel mills it had built 
there. The projects were to have been 

paid for by shipments to the West of 
Ukrainian rolled steel. The Ukraine 
even gave the necessary counter-guar¬ 
antee needed in order to finalise the 
granting of Hermes credits. But in 
practice the state guarantee proved to 
be inoperable, a predicament which 
could take another year or so to be 

Waiting this long would be fatal for 
SKET and other east German manu¬ 
facturers such as Deutsche Waggon- 
bau, Europe's largest producer of rail 
carriages which exported 75 per cent 
of its output to toe Soviet Union. 

“These companies need a breathing 
spell in order to develop new products 

arid new markets in the West 1 *, Mr 
Pink said. But In the meanwhile they 
will- require even higher subsidies 
from the Treuhand agency, which 
cannot allow them to collapse as it 
would deal a fetal blow to the cities 
and towns where they are located. 

The difficulty in finding alternative 
markets for products developed for 
toe former Soviet Union is illustrated 
by the 15 new ships ordered by Soviet 
shipping lines and built at Warne- 
mQnde. where they still lie at berth. 
Although the vessels are covered by 
Hermes credits, the buyers did not 
agree to the altered rate of currency 
exchange. The idle ships cost the 
builder nearly DM800,000 a day in 
insurance and maintenance charges 
and cannot be re-sold elsewhere with¬ 
out costly rebuilding. 

Hermes credits to the former Soviet 
Union were sharply cat to DMSbn this 
year, mainly for the Russian Repub¬ 
lic, and will probably only be slightly 
extended, Mr Fink said. This month 
Bonn government said that Moscow, 
after a long delay, had given toe nec¬ 
essary counter-guarantees to allow 
Germany to release current Hermes 
export credit guarantees to east Ger¬ 
man companies. 

A significant expansion of Hermes 
guarantees was politically impossible, 
according to Mr Fink, because of the 
already strained Federal budget The 
collapse in orders from the CIS may 
also deter potential western buyers 
from placing orders with east German 
companies suspected of being candi¬ 
dates for closure by the Treuhand. 

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China opposes cabinet posts for Hong Kong Democrats 

_ .. . .. u li.i. mono In thp mlcmifll fnl- Hr* no mo nn thp rfflTr rnbar, Mr Alim TMm ftoHna Chow, also a director of the MTRC, the gov- . _ • J 

By Simon Holberton in Hong Kong 

CHINA yesterday made its most 
direct intervention yet in the politics 
of Hong Kong when a senior official 
said Beijing would oppose the 
appointment of any member of Mr 
Martin Lee's United Democrats to 
the colony’s Executive Council, or 

Mr Guo Feng Min, the Chinese 
head of the Sino-BritLsh Joint Liai¬ 
son Group (JLG), said in Beijing yea* 
terday that such appointments 
would not he conducive to the sta¬ 
bility and prosperity of Hong Kong. 

Mr Guo was speaking after the 
23rd meeting of the JLG, a meeting 

which was noteworthy for the Chi¬ 
nese departing from the agenda to 
remind Britain that the Basic Law - 
the Chinesedrafted constitution for 
Hong Kong after 1997 - would not 
be before the handover to 

provide for more directly elected 
seats to the colony’s legislature. 

Mr Guo's remarks were an attempt 
to limit the room for manoeuvre by 
Mr Chris Patten, Hong Kong's gover¬ 
nor-designate, before he arrives in 
the colony on July 9. Mr Patten was 
widely expected to bring Mr Lee and 
some of ids colleagues into his cabi¬ 

The Democrats represent most of 
the democratically elected politi¬ 

cians in the colonial legislature fol¬ 
lowing last September's elections. 

But Mr Guo's remarks make plain 
what many have long suspected: 
that Beijing sees no role in Hong 
Kong’s political life for the Demo¬ 
crats, whose involvement in anti- 
Chinese government activities after 
the June 1989 Tiananmen Square 
uprising has made Beijing deeply 

Last night, the Hong Kong govern¬ 
ment Issued a brief riposte. A 
spokesman said that "appointments 
to the Executive Council were 
entirely a at the discretion of 
the governor]" 

China’s intervention in local poli¬ 

tics came on the day when four 
members of Hong Kong’s cabinet 
broke ranks with the government 
and issued a paper calling for cuts to 
one of the core projects in Hong 
Kong’s multi-billion dollar airport 

The decision by the four, all mem¬ 
bers of a conservative grouping 
known as the Co-operative 
Resources Centre, mil give added 
comfort to Bdjing'wtdch is arguing 
with Britain about: the cost of the 
airport This week’s meeting of the 
JLG produced no sign of when and 
where China proposes to' meet 
Britain to discuss the issue of airport 
finance. - - 

Mr Allen Lee, Mrs Celina Chow, 
Mrs Rita Fan and Mr Edward Ho 
joined 16 other members of the CRC 
to call for cuts of HK$5.5bn (£380m) 
in the cost of construction of a rail¬ 
way that Is planned to link the 
urban areas of Hong Kong with the 
colony’s new airport at Chek Lap 

Their proposals would cut the cost 
of the railway from HKJZLSbn to 
around HK$17bn in March 1991 

Their call marks a reversal oy the 
four who, as members of tile gover¬ 
nor’s cabinet, approved the financ¬ 
ing plans for the airport and related 
projects earlier this year. Mr Ho is 

also a director of the MTRC, the gov¬ 
ernment-owned entity which has 
contracted to build and finance the 

Their break with government pol¬ 
icy throws into question their con¬ 
tinuing membership of the cabinet. 
It also undermines the position of 
those who have been objecting to Mr 
Martin Lee’s membership of the cab¬ 
inet on the grounds of his refusal to 
observe “collective responsibility"• 

The government said it would 
study the CRCs paper and consult 
the MTRC as to its feasibility. An 
MTRC executive said last night that 
the changes proposed would damage 
the flwaitaol viability of the project. 

to avoid 

By Peter Ungpbakom 
in Bangkok 

Japan refuses to 
intervene in 
flagging market 

ILO reports 
trade union 

By Frances Williams 
in Geneva 

By Stefan Wagstyl hi Tokyo 

THE Japanese authorities 
yesterday declined to intervene 
to support the country’s flag¬ 
ging stock market, which fell 
yesterday to its lowest level 
since October 1986. 

The Nikkei index lost 40024 
points to close at 16,045.66 
- some 8 per cent down on the 
week so far and 59 per cent off 
its all-time high recorded in 

The market has been hit by 
gloomy reports about the state 
of the economy, including a 
survey by the Bank of Japan 
published last Friday which 
showed business confidence 
bad sunk to a five-year low. 
Investors' fears have been com¬ 
pounded by warnings from 
securities companies of farther 
declines in corporate profits. 

Many investors and busi¬ 
nessmen alike believe the econ¬ 
omy will recover only if the 
government and the Bank of 
Japan take measures to boost 
growth, including an increase 
in public works spending and a 
ftnther cut in interest rates. 

Mr Gaishi Hlraiwa, chairman 
of the KriHanren, the employ¬ 
ers’ federation, yesterday 
called for extra public works 
spending to boost the economy. 
But Ministry of Finance offi¬ 
cials said there were no plans 
to intervene in the stock mar¬ 
ket or to increase public spend¬ 
ing. Mr Tsutomu Hata, the 
finance minister, told a Diet 

committee that the govern¬ 
ment was still monitoring the 
effects of a public works spend¬ 
ing package announced at the 
end of March and of a cut in 
the official discount rate in 
April However, many econo¬ 
mists believe it is a matter of 
time before the government 
and the Bank of Japan con¬ 
sider further such measures. 

Japan Is under US pressure 
to make a strong pledge to pro¬ 
mote growth at the Group of 
Seven leaders' summit in 
Munich early next month. 

• Reuter adds: Japan said 
yesterday it extended a record 
gUbn (£0bn) hi official develop¬ 
ment assistance in 1991, up 19.6 
per cent from the year before. 

The sum accounted for 0.32 
per cent of gross national prod¬ 
uct against 0.31 per cent in 
1990, the Foreign Ministry said. 

US presses India on nuclear curbs 

By K K Sharrna In New Delhi 

A US delegation of officials 
yesterday pressed India to 
attend a conference of South 
Asian countries on nuclear 

India Is not a signatory to 
the Nuclear Non-proliferation 
Tteaty (NPT). despite having 
exploded a nuc le a r device in 
1974, arguing that the treaty 
discriminates in favour of 
establishe d nuclear powers. 

Pakistan proposed the five- 

nation conference for a nuclear 
wea pons-free zone, to which 
China - another nuclear 
power that has refused to sign 
the NPT - is to be invited. 

While the US still feels that 
India should sign the NPT, It 
sees the conference as the next 
best alternative. India has not 
specifically turned down the 
proposal, but believes it does 
not tackle the issue of nuclear 
proliferation. It also feels that 
the Pakistan proposal does not 
take into account its security 

needs. O fficia ls said the pro¬ 
posed conference does not 
place controls on Pakistan's 
clandestine nuclear weapons 

Also discussed at the 
two-day Indo-US talks were US 
curbs on spares and compo¬ 
nents for research and develop¬ 
ment in India's missile technol¬ 
ogy programme. The curbs 
were imposed after India 
recently tested an Intermediate 
ballistic missile despite US dis¬ 






\\J L\ | 1 \ M»td>oolworryingjfcootanlh* red4apiw\. 

X X YY JL V 1 X U At the Karad* Export Processing Zone (Pakisf 


Export Processing 
Zones Authority 

welcomes the 
being inaugurated 
In London today by 


password for setting op an industry in the free aooe 
without worrying about all the ral-tapim. 

At the Karad* Export Processing Zone (Pakistan] you 
have free access to all formalities in setting up an 
industry ia the free *one with amnatdable 
Incentives and fadEScs. 

KEPZ offers tax holiday npto year 2000 A.O. and 
thereafter 25% in Perpetuity. Customs duty. Sales Tax; 
Octroi are aB exempted as well as surcharges and other 
charges. Import licences ant Just fix the asking and 
you on repatriate yow profits and capital anywhere at 
anytime. Pakistani residents can invest upto 40%. 

This is a goMea Opportunity for you 10 yrxr 

industry without tews and yWd maxtnwm profits and 
return on your in v es t m ent. 

8y the way; facilities Bee voter, electricity, gas, 

telephone; tdex etc are all provided by &ZA. Yoa 

don't havfe to Vnode around from door to door, just one 

open window for everything 

Offchore banking and insurance facilities are also 


So come and see how easy it is to set-up an industry 
without tears. 

We are just a telephone, telex or fax away. 

Detailed brochure and application font* 
av?ib!)(e from Pakistan's 
diplomatic missions, or direct from: 

His policies of 
de-regulation, privatisation 
and liberalisation of 
economy have 
accelerated the pace of 
economic development in 
the country 


Ministry of htubhi Cert, of PiHrtin. 

M ehran Bj hv ry. LndU. SmeUM tFiUstu) 

Tel: 7738767-3831409-330038,7738002,7738013 * 7738014 
Cable -tXfOXt WF Tries 38693 EPZA PS Fax; 021-7738188 

The Chairman ofEzpcu? Processing Zones Authority will 
remain avaUaUe tor consultation dozing Investment 
Promot io n Seminar. 

* . V** - 

SOME 200 trade unionists died 
in the 15 months to March as 
repression of trade union 
activity continued in many 
parts of the world, the Interna¬ 
tional Confede ration of Free 
Trade Unions (ICFTC) says in 
a repor t publis hed today. 

The ICFTCTs annual report 
to the International Labour 
Conference In Geneva cites 
abuses of trade union rights In 
85 countries, including 2,000 
mw gf detention and numer¬ 
ous instances of death threats, 
abductions, disappearances, 
haramroiept Spying. 

Colombia - where over 50 
trade unionists were murdered 
in the survey period - China, 
Guatemala, El Salvador, Iran, 
Peru, Sudan and Sooth Africa 
“are the world’s most danger¬ 
ous places for trade union¬ 
ists”, t he repo rt says. 

The ICFTV says an increas¬ 
ing number of companies, 
often mnltinatiiMuik operating 
in developing countries, are 
resorting to dismissals to 
oppose workers’ basic 
demands. More than 50,000 
workers were sacked In the 
survey period for activities 
recognised as legitimate under 
international conventions, the 
report notes. 

It also draws attention to 
evidence in a growing number 
of countries of connivance 
between managers, landlords 
and local security forces. 

Hie previous year's report 
listed 264 deaths and 2,422 
detentions, citing 72 countries. 

At t f-ygE a ■■ - ■■ v 

» * Jr. 1 

vv ■ ftrSfe: 

-*?**.' 1 

* 4 / >y 

r . «:• 

Massacre arouses fury in S Africa 

By Philip Gawtth in 

THE ALREADY tense relations 
between the South African 
government and the African 
National Congress (ANC) were 
pushed dose to breaking point 
yesterday following the massa¬ 
cre on Wednesday night of 
nearly 40 people in the Boipa- 
tong township south of Johan¬ 

The incident follows the 
start earlier this week of an 
ANCs mass action campaign, 
aimed at breaking the deadlock 
in constitutional negotiations. 
The government had fiercely 
criticised the campaign, saying 
it would aggravate the high 
levels of violence in the town¬ 

The massacre will compli¬ 
cate prospects for reaching 
agreement at the Convention 
for a Democratic South Africa 
(Codesa), the constitutional 
negotiating forum, where rela¬ 
tionships between the govern¬ 
ment and the ANC have deteri¬ 
orated sharply in the past few 

Following a trip around the 
: township, near Vanderbijlpark, 
yesterday Mr Cyril Rama- 
phosa, ANC secretary general, 
said; “This type of violence 
could lead to negotiations 
being derailed. The negotia¬ 
tions process is going through 
a stage where it is bang jeop¬ 
ardised by the government-* 

He added: “The collective 
charge sheet against the apart¬ 
heid government is being 

drawn up and President de 
Klerk is accused number one.” 

Most witnesses of the attack, 
which left at least 37 and possi¬ 
bly as many as 50 people dead, 
said it was conducted by resi¬ 
dents of the nearby Kwama- 
dala hosteL There have also 
been suggestions of police 

The hostel, which houses 
residents for the nearby Iscor 
steelworks, is known to be a 
stronghold of the mainly Zulu 
Inkatha Freedom Party. 
Inkatha yesterday denied any 
link to tiie massacre and chal¬ 
lenged the ANC to provide con¬ 
crete evidence of the involve¬ 
ment of hostel dwellers. 

The failure of the govern¬ 
ment to curb violence has long 
bran a main point of conten¬ 

tion between it and the ANC, 
which has repeatedly accused 
the police of complicity or 
indifference to acts of violence 
against black people. 

The government will proba¬ 
bly link the massacre to the 
climat e created by mass action. 
Captain Craig Kotze, a police 
spokesman, said yesterday: “It 
is now quite obvious that the 
political temperature has been 
pushed unacceptably high 
[by mass action] and has 
created a climate which 
can make incidents such 
as these that much easier to 

A police investigation has 
been launched Into the attack, 
which is believed to be the 
worst single incident of vio¬ 
lence in nearly 18 months. 

NZ targets UK 

By Terry Hall In Wellington 

Palestinian peace team meets Arafat 

By Hugh Camegy In Jerusalem 

SENIOR PALESTINIAN delegates to the 
Middle East peace talks last night held 
their first public meeting with Mr Yasslr 
Arafat, chairman of the Palestine Libera¬ 
tion Organisation, in a pointed challenge 
to Israel a few days before next week’s 
general election in the Jewish state. 

. The carefully staged encounter in 
Amman was accompanied by an appeal by 
Mr Yasser Abed-Rabbo, a senior PLO exec¬ 
utive committee member, for Israelis to 
“vote for peace” in next Tuesday’s polL 
He said there would be little optimism if 

the ruling Likud party returned to power. 

Although Mr Abed-Rabbo did not men¬ 
tion the opposition Labour party by name, 
the right wing is bound to use his words 
to portray Labour, which supports a more 
conciliatory stance in the peace talks than 
Likud, as being supported by the PLO, 
Israel's great enemy. 

But this did not deter the PLO going 
with last night's event at whteh Mr 
Faisal Husseini, the leader of the Palestin¬ 
ian negotiating team, Mrs Hanan Ash* 
rawi, tee spokeswoman, and Dr Haidar 
Abdel-Shafi, the chief negotiator, met and 
embraced Mr Arafat In front of reporters 

and cameramen summoned for the event 

Israel has insisted on keeping the PLO 
out of the Middle East talks and Israeli 
law bars any contact with the PLO. The 
negotiating team have had several previ¬ 
ous private meetings with Mr Arafat, 
which the Israeli government chose to 
Ignore. But the public flaunting of Israel's 
position on the eve of elections may force 
Mr Shamir to take some action. 

“This Is the last step to reaffirm that 
the PLO Is the reference for the Palestin¬ 
ian delegation to the peace talks,” said Mr 
al-Tayyeb Abdul-Rahmin, the PLO's 
ambassador to Jordan. 

NEW ZEALAND is to target 
the British Isles this year in a 
pilot programme to attract 
“quality’’ migrants. 

The emphasis recently has 
moved from promoting migra¬ 
tion to New Zealand in Britain 
towards attracting immigrants 
from round the world. This has 
led to substantial numbers of 
Asians gaining citizenship. 

While there is no change in 
what is, in effect, a global 
quota of 25,000 a year, the new 
scheme is expected to see .4,000 
British migrants this year com¬ 
pared with 3,000 last year. 

Cumbersome rules -. such 
as intending migrants mart 
first have job, and no New Zea¬ 
land resident should be able to 
do ft - have been relaxed. ’ 

Turkmens revert to the days of the Khan 

Steve Levine on the certain result of Sunday’s presidential election in Turkmenistan 

V OTERS go to the polls-— system has just passed back to position as wen is the absence natural gas and oil - lejOOObr 

on Sunday to elect a the old way.” More to the of Moslem fundamentalism cubic metres of proven nature 

president in the former <. ■ point, said an ethnic Turkmen, despite a largely Sunni Moslem gas reserves and 213m. tonnes 

V OTERS go to the polls 
on Sunday to elect a 
president in the former 
Soviet republic of Turkmen¬ 
istan. They know who the win¬ 
ner will be. Mr Saparmurad 
Niyazov, the former Commu¬ 
nist party boss, is standing for 
a further term and has brooked 
no opposition. 

A committee of the repub¬ 
lic’s compliant ruling council 
approved bis candidacy and 
allowed no others to register. 
The state-run newspapers and 
just about everyone on the 
streets say no one really 

Mr Niyazov has clearly 
instilled fear In the local popu¬ 
lation - few will criticise him, 
even privately. The ubiquitous 
response to anything but rou¬ 
tine questions about Mr Niya¬ 
zov is, “People don’t speak 
about that” 

At the same time, political 
analysts add that Turkmens 
look for central, strong leader¬ 
ship, and note that Mr Niyazov 
won the October 1990 election 
with 983 per cent of the vote. 
“If you had all the possible 
opposition candidates regis¬ 
tered, possibly Niyazov’s vic¬ 
tory would be only 92 per 
cent,” said a western resident 
The Benetton shop ln down¬ 
town Ashkhabad purveys, for 
hard currency, a colourful 





800 tas 

selection of beachwear. And 
buyers snapped up five new 
Renaults this monte at the for¬ 
mer Soviet republic's first 
western trade fair. But moder¬ 
nity is coming only fitfully to 
Turkmenistan, which is still 
ruled largely like the nomadic, 
desert kingdom it once was. 

The conservative Mr Niyazov 
is in many ways as powerful as 
was the Khan of Mere whom 
the Bolsheviks destroyed. 
Turkmenistan’s series of 
Khans had power of life ami 
death over their subjects 
before the 20th century. 

“Communism here was just 
the old feudalism in red col¬ 
ours ” said a Russian who grew 
up in Ashkhabad. “Now the 

system has just passed back to 
the old way.” More to the 
point, said an ethnic Turkmen, 
“In this country there are not 
laws. There are instructions.” 

Mr Niyazov was educated in 
St Petersburg and is Russified. 
Indeed, be is said to consider 
Russia something of a big, 
wiser brother, to be consulted 
on the various foreign propos¬ 
als that cross his desk. 

Mr Niyazov rose through 
Party ranks and was appointed 
Turkmenistan's first secretary 
by then Soviet President Mik¬ 
hail Gorbachev in 19%. He is 
an engineer by education and 
is married to a Russian. His 
excellence as a political strate¬ 
gist. was demonstrated by his 
survival after the Soviet 
Union's collapse in December. 

In a land where, until rela¬ 
tively recently, yon had to be 
able to recite your tribal back¬ 
ground and ancestors for seven 
generations to get anywhere, 
Mr Niyazov is an orphan with 
no provable ancestry at alL 

In addition, though, there is 
the former Communist party 
structure built up over tee last 
seven decades. Mr Niyazov jug¬ 
gles teem. “His power comes 
from the past, and from his 
personality. He’s a very capa¬ 
ble man,” said an Asian 
scholar on the region. Helping 
to strengthen Mr Niyazov's 

position as wen is the absence 
of Moslem fundamentalism 
despite a largely Sunni Moslem 

Mr Niyazov has concentrated 
power in his office and that of 
two lieutenants. They are his 
trade minister, Mr Valeri 
Oteersov, an ethnic Russian; 
and his investment committee 
director, Mr Atah Chariov, who 
has ancestors from the impor¬ 
tant Tekke tribe of Mare. 

This concentration malms Mr 
Niyazov's 16-member ruling 
council largely superfluous, 
and frustrates investment ini¬ 
tiatives by foreigners and 
locals alike. 

As factories and flats quickly 
go private throughout tee for¬ 
mer Soviet Union, Mr Niyazov 
has declared that in Turkmen¬ 
istan no dwelling shall be sold 
for a decade, and that too state 
will relinquish no share Of its 

Mr Niyazov's conservatism is 
rooted at least partly in fear of 
the business “mafias”, that 
have sprung up elsewhere in 
the former Soviet Union, 
according to state officials. “If 
we give up state property to 
private people, there-will just 
be a lot of theft," said Mr Abdi 
Kuliev, foreign minister. 

Western and regional inter¬ 
est has been high. The wealth 
expected from Turkmenistan's 

natural gas and oil - 10 jOOObn 
cubic metres of proven natural 
gas reserves and 213m tonnes 
of oil. according to the state 
- has attracted ample atten¬ 
tion. Turkmenistan Is negotiar 
ting to snpply Ukraine’ .and 
other republics for hardicur- 
rency, while Italian interests' 
are seeking to arrange a barter • 
deal under which they would 
finance a refinery. But foreign 
approaches have so far ruir up 
against the republic’s go-slow 
attitude to development 
. Its location between China to 
the east and Iran and Turkey 
to the west and south are also 
selling points. One project 
going ahead is a venture with 
Iran to build a railway which 
provide the final link of a track 
from Beijing to Istanbul. 

Mr Niyazov has lavished 
attention on his frequent for¬ 
eign visitors, housing some in 
tee old Communist party hotel 
and' holding banquets in their 
honour. But thfa attention- 
representatives, of General 
Motors and Rank Xenix , bare- 
cafled this month . - bas net 
quickened his pace of reform. 

He apparently feels in no 
tush. “Ibe people here have 
nothing against tee oId tradi¬ 
tions," said a Russian piuSes- 
sional based in Ashkhabad. 
“That’s why Niyazov’s position 
is quite stable” 


MR Anand Panyarachun, the 
qftai prime minister, yesterday 
called for close co-operation 
between tee government and 
the private sector to revive tee 
country’s economy and avoid a- 
repeat of last month’s political 

violence. j . 

His comments, made in his 
first speech since his deadlock¬ 
breaking appointment on June 
10 , referred indirectly to two 
key issues that need to be 
resolved if public confidence Is 
to be revived. 

These are the kind of govern¬ 
ment that will emerge after 
elections in August or Septem- 
her, and what will happen to 
miH tary commanders who are 
still in their posts despite 
being blamed for using weap¬ 
ons of war to suppress demon¬ 
strations in Bangkok Heaving 
more than 40 protestors killed 
and several hundred missing). 

Mr Anand echoed the views 
of many analysts by attribu¬ 
ting tee conflict to the failure 
of the political system, tradi¬ 
tionally dominated by the mili¬ 
tary, to keep up with the rap¬ 
idly expanding business sector. 

His call for a greater busi¬ 
ness role in easing political 
tension as well as in devising 
economic policy coincided with 
moves by a group of leading 
business figures to promote 
“better” politicians. 

The group announced yester¬ 
day it was setting up a fond to 
support candidates it believed 
would be less likely to boy 
votes and to engage in the poli¬ 
tics of power and personal 
patronage that led to last 
monte's protests. 

Members of the group said 
they would boycott members of 
the five coalition parties whose 
decision to back as their prime 
minis ter General Suchinda 
Kraprayoon, former army 
chief, triggered the anti-mili¬ 
tary campaign. 

Mr Anand made his speech 
at a seminar organised by 
industry, trade and banking 
associations. A former diplo¬ 
mat and businessman himself, 
he said he had accepted the 
invitation because tee business 
community was determined 
not to allow a repeat of the 
conflict He also said he would 
use closed-door diplomacy to 
work out a face-saving compro¬ 
mise on the future of the mili¬ 
tary leaders. 

r-~“ .. ___ 


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OFFICIAL figures showing a 
sharp rise in the US merdaan- 
<2se trade-deficit in A pril pro¬ 

day erf possSbte adverse trade 
trends Intertills year, if the DS 
economy costumes to revive 
- and- demand reman® subdued 
elsewhere.. • 

The deflett lumped from 
SSAbn in March to $7bn, the 
greatest shortfall 'for 17 
raonfits, the Commerce Depart¬ 
ment sakL 

pM» caM apecteddeteriomtiop 
reflected the-combined im part 
of a jranp in imports and a fall 
in exports. 

Wall Street analysts were 
taken by surprise, having fine- 
cast a deficitof about $5-7bn. 

The deterioration in April, 
however, overstates the rate at 
which the deficit is widening. 
For the first four months <tf the 
year, the deficit grew modestly 
- to $2USbn compared with 
32&Sbn lari year. Exports were 
up &5 per cent relative to last 
year.'---' •'•-••■ ! 

• Separate figures yesterday 
for weekly, unemployment 
insurance claims indicated 
continuing softness in US 
labour markets. Claims tell 
2,000 in the weekending Junes 
to 407,000. 

A. significant improvement 
in Joh pmapacta is gntgr partofl 
so long'as the dafahant total 
remains stubbornly, above 
400400. *. 

Menem pushes for ; 
second term . ' 

THE campaign to amend 
Argentina’s constitution and 
allow Pxerident Carlos Menem 
to seek a second tom formally 
begins today ta ins home prov¬ 
ince of LaRfeia. w&hacaufer- 
ence -of Fenadri party provin- 
dal legiriatos, John Barium 
reports from Buenos Aires. 

Mr Menem, who is . near the 
middteaf his six-year term, has 
forcefully instructed Peronist 
peaty leaders to fight for an 

a n ^ m dinflBt, while effltming hi 

public that he Is not partico- 
lariy i nte rested in rodactfon. 

spending axe 

By George Graham 
to W ashingto n 

TEXAN politicians yesterday 
began a desperate rearguard 
action to ay to save the Saper- 
conductiag Supercollider, after 
tiie Bouse of Representatives 
voted to kill tbs $8bn scientific 
research project 

The supercollider's goal fa to 
find out mors about subatomic 
particles by smashing them 
against each other in a 54-mfie 
oval tunnel, now under con¬ 
struction near Waxahachie, 

But tiie project, derided by 
its critfcs-as a pork-barrel 
scheme with no scientific 
value, appears to have &Hen 
victim to Congress’s new 
enthusiasm far cutting expen¬ 
diture. • 

“The House was looking for 
a blood sacrifice and they 

found it in the Supercollider, M 
said Congressnan Joe Barton, 
in whose district Waxahachie 


Supercollider funding could 
be restored by the Senate, but 
its leading backer there, Sena¬ 
tor Bennett Johnston of Louis¬ 
iana, warned yesterday that it 
faced an uphill fight. 

The spending axe in Con¬ 
gress has been much sharp¬ 
ened by a recent surge of atten¬ 
tion to the spiralling federal 
budget deficit A bid to amend 
the constitution to require the 
government to balance its bud¬ 
get narrowly felled last week 
to win the necessary two-thirds 
majority in the Hoese. 

After signalling their attach¬ 
ment to the principle of fiscal 
rectitude, the 280 members 
who voted for the constitu¬ 
tional amendment appear to be 
shy of showing hypocrisy by 

voting so soon afterwards for 
lavish spending projects. 

House committees have 
agreed In recent days cuts in 
defence spending - and even 
in tiie Congressional operating 

The supercollider has bad its 
critics since it was proposed in 
1386, among them scientists 
who feared it would take 
almost all the federal money 
available for scientific 
research- The administration 
claimed at first that it would 
cost $5-3bn, but its estimate 
hire rinffl risen to $&2bn, and 
critics’ estimates run to more 
than illbn. 

Texas chipped in glbn in 
order to lure the supercollider 
to Waxahachie, bid the admin¬ 
istration hire claimed all along 
that a quarter to a half of the 
cost would be met by foreign 

Brighter prospect of 
US help for Russia 

By Jnr«k Martin, US 

■■ , v— Ml, — 1 r -■ —- 

- tunuT| sai IvBBtufiQIOfi 

THE prospects for 
Congressional a p p rov a l of the 
US contribution to the $24bn 
international assistance pack¬ 
age to Russia havB been modi 
improved, but not guaranteed, 
fay President Boris Yeltsin’s 
speech to the US legislature on 

Yesterday, Mr Bill CBnton, 
the prospective Democratic 
presidential wmiBitutB, had 
breakfast with the Russian 
president and afterwar ds urged 
Congress to take swift action. 

Mr Clinton reeled any link 
between the provision of assis¬ 
tance and Russian progress in 
identifying US prisoners of war 
who may have been held on 
Rntebm sail *We have no rear 
son to believe that he {Mr Yelt¬ 
sin] will not proceed in com¬ 
plete good faith on that We 
would not even know about 
that issue had he not raised 
ft," Mr canton said. ’ 

The Congressional leaders 
stffl have not set a 'date for 
formal consideration, of the aid 
packag e , the grandly titled 

Freedom Support Act Yester¬ 
day. Senator John Warner, the 
Virginia Republican, predicted 
a vote *Tn a week or 10 days.” 

Mr Yeltsin's speech and per¬ 
sonal lobbying seem to have 
swayed doubters on both the 
j tepnhihMiTi right and Demo¬ 
cratic left. 

The most conspicuous con¬ 
vert was Senator John McCain, 
the Republican from Arimna 
mid a former prisoner of war. 
while Senator Patrick Leahy, 
the Vermont Democrat and 
sceptic (Si the efficacy of aid to 
ftr jifirifl, that the Yelt¬ 

sin speech “Will win him a lot 
of votes. 1 * 

However, Congress still 
expects President George Bush 
to follow the -successfol sum- 
udt by canvassing hard In the 
days to com e on ffa pn+ni HHL 
T V president said he thought 
support in Congress for Rus¬ 
sian aid was now “overriding-” 

cxHrai voices still resound, 
even so. Far example, Mr Ray 
Ftynn. mayor of Boston, said 
yesterday it was “outrageous” 
that Congress should “bail 
out” giwda while providing “a 
pittance” to American dries. 

urban aid 
package near 

AN emergency urban aid 
pm-kng g looks set to come to 
fruition-in the US, seven weeks 
after the Los Angeles riots 
sparked a new political interest 
in helping tire distressed timer 
dries, reports George Graham 
far Washington. 

The House of Representa¬ 
tives was due to vote on the 
urban aid Mil yest e rd a y, after 
a hard-won compromise 
between Democratic Congres¬ 
sional leaders and the Republi¬ 
can White House. 

The final package roughly 
splits the difference between 
an artmhii«g«r aHfin- b?^Vpd pro¬ 
posal to provide gSflOm of disas¬ 
ter aid - to cover the damage 
caused by the Los Angeles 
Tint* as well as the Chicago 
floods in April - and a more 
ambitious Senate pfen. The lat¬ 
ter's proposals, backed by 
Democrats but also by some 
Republicans, would have added 
$L4bn more for summer job 
creation, youth and crime- 
fighting programmes. 

Argument over these propos¬ 
als has held up action to help 
the dtfes for weeks. 





By Joe Mann In Caracas 

Venezuela has reduced its 
economic growth projections 
this year to *6 per cent, from 
the 5-6 per cent or more fore¬ 
cast at the start of the year, 
Mr Pedro Rosas, finance minis¬ 
ter, said. 

Dim to lower than expected 
world oil prices, the central 
government and FDVSA, the 

national oil company, have 
both ordered big budget cats, 
thus reducing projected eco¬ 
nomic growth from the record 
high expansion of 9J per cent 
in 1891- 

It is stfil uncertain what 
Impact Venezuela’s ongoing 
poetical crisis smf ^ the accom¬ 
panying uncertainty will have 
mi the'economy. Last Febru¬ 
ary, a group of army officers 
tried unsuccessfully to oust 
the government of President 
Carlos Andris Perez. Since 
then, the country has been 
afflicted by violent anti- 
g overnment protests. 

T Ph« minister wM the gov¬ 
ernment was now expecting a 
gp pyral fiscal Hgftrft of about 5 
per cent of GDf for 1982. Of 
this, 3.5 percentage points 
would be caused by PDVSA’s 
ongoing capital Investment 
programme while US points 
would be due to the central 
governments shortfall. 

PDVSA Will nnanr* most of 
Its deficit through Interna¬ 
tional credits, the minister 
said. In Apr il, Mr Gustavo 
Roosea, PDVSA president, said 
Mm company’s external debt 
was g£.17bn and its obliga¬ 
tions to Venezuelan the 
eqptivMeiit of |928m. 

The Venezuelan government 
registered surpluses in its can- 
soMated budgets is both 1590 
and 1991. The national oil 
muwyny provides the g overn- 
meut with most of its tsr reve¬ 
nue, and officials now expect 
petroleum exports this year to 
total abort flOSfm - down 
from an —diw of 

glSJShn. - 

Despite the political prob¬ 
lems, foreign inv e stm ent dur¬ 
ing the first four months of 
1902 was cunsMpiahjy higher 
titan for the equivalent period 
last year, Mr Rosas srid. 

Perot factor unnerves 
the Mexican market 

US commitment to Nafta dents expectations of an 
imminent economic miracle, writes Damian Fraser 

R OSS Perot as US presi¬ 
dent may still be 
unlikely, bid the pros¬ 
pect of a dose US pres identia l 
race this autumn Is causing 

inr wMKiiwg anrte tv anwng Mex¬ 
ican officials and, more signifi¬ 
cantly, investors in the coun¬ 
try's volatile stockmsrket. 

The Mexican Balsa fell 12 per 
cent in the first throe days of 
the week, partly recovering by 
yesterday. The plunge was in 
part because of Mr Perot’s 
(admittedly Inconsistent) decla¬ 
rations against the proposed 
North American free trade 
agreement. The fear Is not just 
that he might win, but that his 
popularity might force. Bill 
Clinton, the Democratic candi¬ 
date, and wavering congress¬ 
men to be much mare dreum- 
spect in their support for the 

Although Mexico's economy 
is In its best shape for at least 
20 years, the country remains 
acutely dependent on events in 
the US. Some 70 per cert of 
Mexico’s trade is with its 
northern neighbour, and if US 
growt h were to remain slug¬ 
gish, Mexico’s exports would 
suffer. More Inip^rfam^ U*da> 
is likely to run a current 
account defidt of more titan 
Sifibn Wife year, and d e p en d * 
on mainly US fc i ito w to 
plug the gap. 

If the political uncertainty 
engendered by the Perot candi¬ 
dacy affects the US economy. 

-Itoxlco' : 

1 FC tndexto glanfla ^ 



thnw suffers too. Add to 
that the fear that Nafta will 
not be passed, and the recent 
gloom in Mexico becomes 
under st andable 
Nafta matters, says one 
investment banker visiting 
Mexico, hfiMnu p will encour¬ 
age fond managers to treat 
Mexico as part of North, rather 
than TaHn, America Mwfhnm 

risk will fall appreciably, and 
Mexican companies will thus 
be valued more iflrg US thaw 
say Brazilian cues. For a coun¬ 
try which culturally and politi¬ 
cally is much closer to most 

T.atin Ame rican nations thaw 

the DS. that is quite a feat 

The inconristenl stance by Ross Perot (left) on Nafta 
troubles President Carlos Salinas’s government 

Mr Jorge MariscaL an ana¬ 
lyst at Goldman Sachs, pot the 
case for the agreement suc¬ 
cinctly. "For investors consid¬ 
ering Mexico it (Nafta] means 
an historical shift in M«*waw 
attitudes towards its northern 
partners und therefore a dras¬ 
tic reduction in the perception 
of risk. Under Nafta, Merino 
would find it very difficult to 
revert to the protectionist, 
interventionist economic mod¬ 
els which characterised the 70s 
and 80s". If the agreement is in 
doubt, the reverse logic can be 

The Mexican government is 
probably kicking itself for not 
starting the free trade talks (in 
earnest) until September last 
year. Like almost everyone 
else, they overestimated the 
popularity of US President 
George Bush, ami believed that 
his commitment to a free trade 
agreement was enough. Now 
they will have to sit through 
the next six months, quietly 
cheering on George Buabr 
while malting discreet over¬ 
tures to Bill Clinton. 

The government has argued 
that the underlying economy is 
in good shape. Mexico's total 
debt to GDP ratio is 79 per 
cert, against 74 per cent when 
President Carlo * Salinas came, 
to power, suggesting that 
•frtortra* Vigg put the debt m-fefe 

h»MwH it. TnflnHrm Jg faTUwg 

and is likely to be around 12 
per cent rids year, while the 
budget is in surplus. With or 
without Nafta, tin foundations 
for stable economic growth 
appear to have been bunt 

The trouble is that Nafta has 
raised expectations of an immi¬ 
nent “Mexican miracle”. This 
year alone Mexican companies 
have fanned an estimated $4bn 
in equity, in an attempt to 
raise capital in anticipation of 
integration with the US. Ban- 
acd, the financial group com¬ 
prising Mexico's largest hank, 
was phuming to issue $L5bn of 
new equity next week. 
aWhm^ fha recent foils in the 
stockmarimt mean it may have 
to offer fewer shares, at a dis¬ 
count. Many famine and compa¬ 
nies in line to issue stoek after 

Banaca may now postpone. 

targets t 


’s decisive edge 

Central control console of die 
Gmtnuac P process control systmi 
- -frflBi Hartmann & Braun at die 
IMwn sugar factory m Germany. 



£?. i 

\ Monitoring, regulation 
and control - all in one 

Rush hour in the sugar factory: 

More than 14,000 tonnes ofbat rofl onto 
the conveyor belts every day at the 
bright of production.% die process 
control system from MkoneamB 
Hartmann & Braun keeps everything 
moving right around the dock - monitor- 
. it^r^nlatmgandcontrollmgall the 

washing, extraction, cleaning, separation, 
boiling, evaporation, drying, and Riling 
operations, Qedromc sensors pick np aS 
the information necessary, enabling 
the automatic control system to keep the 
process simmering around optimum. 

The result: Savings in taw materials and 
energy, less burden on the environment, 
greater plant protection and a reduced 
operative workload. 

Mannesman!! buSds plmls and maHrmrry, 
nukes systems and aunponeatx far the automotive 
iinlm.try t jaan snetnres hyAan Bq electric and 
nnmmatic drives and contivk, develops and 

Km ^K n r iHi w m ; Mntnmiaintf and mlnrmati nn 
_ , provides trbrommnmrstiim services, 
produces ss^d tube and pise, and trades on a 
worldwide scale. Income frm sales earned by its 
125MB cmpktjtts besinthe ngkm ofDM 24 bd- 


ManDesmann AG 

D-4000 Dusseldorf 1 





Union urges 
inquiry into 
pension fund 

By Hfcbwd Smith, 
labour CorrMpoittfftrtt 

CITY regulators have been 
asked to Investigate the pen¬ 
sion fund manager of Courage, 
the brewer, after the fund was 
forced to write off a £I 0 m 
investment In a company 
related to Foster's Brewing 
Group, Courage's Australian 

The Transport and General 
Workers' Union has written to 
Imru, the self-regulatory body 
for the fond management 
industry, urging an inquiry. 

The union also wants Imro 
to Zook at the separation of the 
fund management from the 
main company. The invest¬ 
ment manager tor the fund is 
Pyrford International, formed 
by the managers of Bide re 
Investment Management in 
early 1991 in a buy-out from 
Foster's, then known as Elders 

Courage said that since the 
write-off in 1990-91 the trustees 
had. decided to invest no fur¬ 
ther money in companies 
related to Courage and Fos¬ 
ter's. The pension fund also 
owns the head office of Cour¬ 
age, at Staines, Middlesex. 

Amu said It was considering 
the TGWtJ letter and had had 
talks with the Occupational 
Pension Board, Courage, the 
fund trustees and the union. 

The TGWU request follows 
the appointment of receivers 
earlier this month to Mr John 
Elliott's International Brewing 
Investments, which had a 32 
per cent stake in Foster's. 

The receivers were appointed 
by BHP, the Australian energy 
and steelmaking company, fol¬ 
lowing the end of a morato¬ 
rium on interest payments an 
about AS2J>bn of debt acquired 
by IB1 to finance the purchase 
of Its Foster's shareholding. 

In a letter to Imro at the end 
of May, Mr Brian Revel!, 
TGWU acting national official, 
said his union and its Courage 
members had been concerned 
for some time that the owner¬ 
ship structure had major debt 

The £ 10 m pension fund 
write-off followed an invest¬ 
ment of that amount in 1968 in 
Hariin Holdings, now known 
as International Brewing Hold¬ 
ings, which was used by Mr 
Elliott and others to buy 
shares in Foster’s. 

According to the fond trust¬ 
ee's report for 1990-91, the 
investment has "like other 
leveraged stocks, seen Its mar¬ 
ket value tumble in 1990". 
Courage said the write-off com¬ 
pared with funds under man¬ 
agement last June of £ 288 m_ 

Government emphasises significant drop in average earnings 

Jobless rate climbs to 9.6% 

By Emma Tucker, 
Economics Staff - 

THE NUMBER of people out of 
work in the UK climbed to 
more than 2.7m last month, the 
highest level for neatly five 

Although the 21300 rise in 
the jobless total in May was 
s maller than most economists 
had forecast, it pushed the 
unemployment rate to 9.6 per 
cent It followed a rise of 42,600 
in April 

With convincing signs of eco¬ 
nomic recovery stfll absent at 
the end of a week in which a 
string of economic statistics 
1ms been released, the govern¬ 
ment yesterday pointed to a 
slowdown hi the average rate 
of increase in unemployment 
^nd a significant drop in the 
rate of growth of average earn¬ 

Commenting on the unem¬ 
ployment figures Mrs runfam 
Shephard, the employment sec¬ 
retary, said: “The average rate 
of increase in unemployment 
in the latest three months is 
the smallest recorded for any 
three-month period since the 
three months to September 

In the three months to May 

UK unoniplfl^meht 

H Northern Ire land 
gSgNorlh 11.19 

0 north-west ' 10.5% 


Qwest Midlands 

105% W ^ f I2-.. -o 


aaw* TW • -A 

B Yorks ft Hu mber 
B Wales 
El Scotland 

Q east Midlands 



unemployment grew by an. 
average of 23J300 a month com¬ 
pared with. 29,400 In the three 
months to ApriL 

The number of people out of 
work, has risen by 70 per cent 
since unemployment levels 
started to go up 25 months ago. 
The Department of Employ¬ 
ment's estimate of tits trend is 
for It to continue to grow by 
between 25,000 and 30,000 a 
month for the rest of the year. 

Other figures from the 
Department of Employment 
showed that average earnings 

growth eased to 7 per cent in 
the year to April In spite of 
foiling inflation and rising 
unemployment throughout the 
recession, this was the lowest 
rate of earnings growth for 2S 
years. It is expected to carry on 
foiling as lower pay settle¬ 
ments in. the second half of last 
year teed through to the index. 

The slow-down in average 
earnings growth contributed to 
a sharp (hop in unit wage costs 
and a rise in productivity In 
April Mrs Shephard said that 
the containment of wage costs 

would help to protect and cre¬ 
ate jobs, 

Hr Tony Blair, Labour's 
employment spokesman, 
described the rise in the jobless 
total as dire. 

"B Is now dear that the gov¬ 
ernment's pre-election prom¬ 
ises of a quick economic recov¬ 
ery have evaporated in the 
postetection light of day," be 
said. Unemployment increased 
in aH parts of the UK but con¬ 
tinued to rise fastest in Loudon 
and the South-East 

Since May last year the num¬ 
ber of people out of work in 
this region has risen by 2.4 per 
emit with me in 10 now unem¬ 
ployed. The seasonally 
adjusted month-on-month 
increase of 10,100 was more 
than three times the size of 
monthly Increases elsewhere. 

Other regions where unem¬ 
ployment rose faster than aver¬ 
age included the East Mid¬ 
lands. the West Midlands and 
the South West The lowest 
rate of 'increase was in Scot¬ 
land where unemployment was 
only Oil per cent higher than a 
year ago. The unemployment 
rate for mm was 129 per cent, 
significantly higher than the 
rate for women which was 5.2 
per cent in May. 

Major determined to keep 
EC enlargement on track 

By Philip Stephens, 
Political Editor 

MR JOHN MAJOR, the prime 
minister, last night underlined 
his determination to prevent 
uncertainty about the Maas¬ 
tricht accord from derailing 
British plans to place the 
future enlargement of the EC 
at the centre of its community 

In talks in Downing Street 
with Mr Anbai Cavaco Silva, 
the Portuguese prime minister, 
Mr Major said' he wanted next 
week's Lisbon summit to give 
a clear signal that the EC was 
ready to accelerate negotia¬ 
tions on the entry of the EFTA 

' Mr Mhjor plans to use the 
British presidency to lay the 
groundwork for detailed nego¬ 
tiations with Sweden, Norway, 
Finland and Austria in the 
first half of ne xt year. 

Assuming that the result of 
the Irish referendum on Maas¬ 

tricht today is positive, the 
British prime minister also 
wants the summit to give the 
go-ahead for work to define 
more closely the responsibili¬ 
ties of the Community. 

Spelling out the implications 
of the "subsidiarity" provision 
is seen as a key element in any 
deal to allow Denmark a sec¬ 
ond referendum which might 
endorse the'treaties on politi¬ 
cal and monetary onion. 

Mr Major would like during 
the British presidency to 
shelve Mr Jacques Delons' pro¬ 
posals for a forge increase to 
the Community's resources. 

In spite of the dear rejection 
by EC finance ministers of any 
increase on the scale recom¬ 
mended' by the Commission 
president, however, British 
officials believe Spain will lead 
a group of southern countries 
determined to keep the issue 
on the agenda. 

So Mr Major will be looking 
for a political declaration from 

the 12 leaders which signals 
that the EC must respect the 
game budgetary constraints as 
national governments. The aim 
would then be to agree a mod¬ 
est increase in resources at 
December’s Edinburgh sum¬ 

In the House of Commons 
yesterday Mr Major repeated 
his insistence that Britain 
would not follow Denmark, 
Ireland and France in holding 
a referendum. He said such a 
vote would fall outside 
Britain's traditions of parlia¬ 
mentary sovereignty. 

The cabinet deferred until 
next week its formal decision 
to endorse Mr Delors for the 
another two years. The defer¬ 
ral was intended to frustrate 
Conservative Euro-sceptics’ 
opposition to Tory backing for 
the current president. Minis¬ 
ters will approve the re-ap¬ 
pointment just a few hours 
before Mr Major flies to the 
Lisbon summit on Thursday. 

British Rail 
losses rise 
to £150m 


against Kevin and Ian Maxwell and Larry Trachtenberg 

The full charges faced by Kevin Maxwell, Ian Maxwell and Larry 
Trachtenberg are: 

By Richard Tomkins 

BRITISH RAIL is about to 
announce that its losses for the 
year to March have Increased 
sharply from the previous 
year's £L09m to a worse-than- 
expected £l50m. 

The scale of the losses will 
greatly Increase the govern¬ 
ment’s difficulty in stimulating 
private sector Interest in Its 
plans to denationalise BR. 

Ail the passengers sectors 
have suffered a decline in reve¬ 
nues, partly because commut¬ 
ing has declined with the rise 
in unemployment and partly 
because fewer people are trav¬ 
elling for leisure or shopping. 

Inter<Sty, which has been 
profitable for the past five 
years and receives no govern¬ 
ment subsidy, is believed to 
have turned in an operating 
profit of barely £5m compared 
with the previous year's 
£49.7m. The two subsidised sec¬ 
tors - Network Southeast, 
wtuch lost £1549m last year, 
and Regional Railways, winch 
lost £503.4m - will report 
heavy increases in their losses, 
although, these will be mostly 
offset by increases in govern¬ 
ment grants. 


1 That you did. together with Larry Trachtenberg on divers days 
between May l and December 10 1991, conspire together to 
defraud the Swiss Bank Corporation of £55,783,468.76 by dishon¬ 
estly being party to the sale of securities belonging to the First 
Tokio Index Trust Ltd which you knew was contrary to represen¬ 
tations and warranties given to the said bank. 

Conspiracy to defraud contrary to the common law. 

2 That you did, together with Larry Trachtenberg, on or about 
September 30 199L, steal a portfolio of securities quoted upon the 
Inter national Stock Exchange managed by Lloyds Investment 
Management Ltd to a value of £7,009956 being the property of 
MGPT Ltd. 

Contrary to Section 1 Theft Act 1968. 

3 That you did, together with Larry Trachtenberg, on or about 
October 22 1991, steal a portfolio of securities quoted upon the 
International Stock Exchange managed by Lloyds Investment 
Management Ltd to a value of £12,446,703.56 being the property of 
MGPT Ltd. 

Contrary to Section 1 Theft Act 1968. 

4 That you did, together with Larry Trachtenberg; on or about 
October 22 1991, steal a portfolio of securities quoted upon Die 
International Stock Exchange to a value of £5,067,292.86 being the 
property of AGBPT Ltd. 

Contrary to Section 1 Theft Act 1968. 

5 That you did together with Larry Trachtenberg, on or about 
October 311991, steal a portfolio of securities quoted upon the 
International Stock Exchange managed by Invesco MEM pic to a 
value of £12*175.215, being the prop e rty of MGPT Ltd. 

Contrary to Section t Theft Act 1968. 

6 That you did, on or about October 22 1991, steal a portfolio of 
securities quoted upon the International Stock Exchange for¬ 
merly managed by Thornton Investments Management Ltd to a 
value of £6939385.46 the property of MGPT Ltd. 

Aerial power: a Sukho i Su 37 fighter, Nato co d e na m e Hanker, was put through its paces above London's Thames Barrier yesterday. 
It is one of the most advanced fighters built in the former Soviet Union. The aircraft is equipped to carry apt to 10 air-to-air guided 
missiles. Sponsored by a Russian Insurance company, the Flanker Is visiting Britain for the Biggin HUI air show In Kent, where it is 
part of a newly-established Russian aerobatics team called The Test Pilots Photograph by Gian Gam 

load Freight, the bulk freight 
business, is expected to turn in 
a profit, losses at Raflfrelght, 
Distribution are believed to 
have worsened from the previ¬ 
ous year's £152Jm. 

Britain in brief 

Shorts cuts 
400 jobs as 
demand falls 

fu rther signals about a modest 

Lending by these groups to 
companies and individuals 
rose by a seasonally adjusted 
£3bn last month, aftera £5.lbn 
increase in April the Bank of 
England said yesterday. 

The message about increased 
demand for credit was sup¬ 
ported by tiie British Bankas* 
Association (BBA), which said 
its nine member banks 
increased lending by an 
adjusted £ 2 J 2 bn in May, after 
£2.6bn in April 

Bus companies 
to be sold off 

Shorts Brothers, the Belfast 
aircraft and missiles manufac¬ 
turer, has announced 400 job 
losses, blaming the recession 
fa felling demand and sales. 

Shorts, acquired by Cana¬ 
dian transportation group. 
Bombardier, In October 1989, 
has given 90 days’ notice of 
(he lay-offs to the department 
of economic development. 

The company has already 
ceased production of the 
FD360 commuter aircraft, and 
is running down production of 
the 323 Sherpa military air¬ 
craft for the US Army and 
National Guard. Shorts said 
there would be some enforced 
redundancies but efforts 
would be made to keep them 
to a minimum. 

Public sector bus companies in 
all Britain’s largest towns and 
cities are to be privatised 
un der plans being prepared by 
Department of Transport. 

They include state-owned 
London Buses; the municipal¬ 
ly-owned bus companies in the 
metropolitan areas of Greater 
Manchester, Merseyside, South 
Yorkshire and Strathclyde; and 
other municipal bos companies 
hi cities including Nottin gham, 

Cardiff, Southampton, Hull and 

Privatisation of the 35 
companies will represent the 
biggest shake-up of Britain's 
bus industry since the priv¬ 
atisation of the National 
Bos Company's 56 component 
companies between 1986 and 

‘Debacle’ risk 

Agencies win 
Revenue work 

Private employment agency 
staff will next month take over 
some of the most confidential 
and politically sensitive work 
in government administration, 
as the contracting oat of cen¬ 
tral government services gets 
under way. 

Personal secretaries, typists 
and other support staff at the 
Inland Revenue's new head 
office building in Nottingham 
wQL be supplied under contract 
by Blue Arrow Personnel Ser¬ 
vices, The work contracted out 
In both cases Involves handling 
confidential correspondence 
and sensitive policy papers. 

England batsman Alec Stewart 
(above) steers a ball past a 
Pakistani fielder at Lord’s, on 
the first day of the Engfond- 
Pakistan test. The England 
cricketer scored 74 before 
being caught out by Javed 
Mlanriart, the Pakistan na pferin, 
E n g l an d were 2S5 all ouL 

Problems at 
N-waste site 

on pensions 

The Equal Opportunities Com¬ 
mission has warned the gov¬ 
ernment It risked “a debacle" 
over its handling of the 
equalisation of state pension 
ages for men and women. 

Large sections of the popula¬ 
tion would not know until too 
late that (hey could be worse 
off under pension measures 
being considered by the gov¬ 
ernment, said the commission. 
Women, In. particular, stood to 
lose out if (heir age of entitle¬ 
ment to state pension was 
raised from 60 to 65 - the 
current retirement age for 

Lloyd’s may 
fund extra 
for Names 

By Richard tapper 


UK lending 
rises slowly 

The second successive monthly 
rise to lending by femiM and 
building societies has provided 

Geological investigations by 
UK Nirex, the midear waste 
consortium, into its chosen 
rite for Britain's first under¬ 
ground repository Bar radioac¬ 
tive waste suggest it may hove 
great difficulty arguing it 
would be safe, according to a 
new report by independent 
consultants. Information from 
the first four test boreholes 
reveals that water in the rock 
which would surround the 
repository travels upwards. 
into sandstone used as a 
source <rf drinking water, says 
the report by consultants 
Environmental Resources. 

Rembrandt sells 
for £159,500 

A print by Rembrandt, Christ 
Crucified between Two 
Thieves, has been sold for 
£159,500 at Christie's, at the 
bottom of its estimate. Exe¬ 
cuted in dryprfnt in 1653 the 
print is extremely rare: inl 660 
Rembrandt dramatically 
altered the composition. 

ft was the top price in an 
auction of Old Master prints 
collected In tee late 19te cen¬ 
tury by an aristocratic German 

LLOYD’S of London is 
discussions with agents and 
brokers at the insurance mar¬ 
ket to fund extra hardship 
relief for Atones suffering in 
recent losses, Mr Alan Lord, 
chief executive of Lloyd's, 
announced yesterday. 

A folly fledged bail-out 
scheme that would cap past 
losses has been rejected as 
''unviaMe'’, Mr Lord said. 

finder the hardship arrange¬ 
ments, which are negotiated 
individually, Names - the 
individuals whose assets back 
underwriting at the market - 
are allowed to retain, a home 
and modest income In return. 
Lloyd's restructures their 
debts. "We do not reduce them 
to penury,” Mr Lord said. 

Mrs Mary Archer, who chairs 
the committee, said the council 
had reached agreement with. 39 
Names, while a total of 95 
offers had been made. A total 
of 1,185 Names had applied to 
the committee. “Contrary to 
popular opinion, Lloyd's has 
never bankrupted, nor will it 
bankrupt Names who wish to 
meet their underwriting obliga¬ 
tions," said Lloyd’s. 

Referring to the bail-out 
schemes, Mr Lord said the 
council had considered three 
types of plan over the past two 
months covering:.losses for 
1989 alone; net losses for tee 
1986-69 period; and a loan 

ftrihama to hpJp Nam es faring 

liquidity dlfflcukfes. AH were 
rejected on a variety of legal 
practical and commercial 
grounds, Mr Lord. said. . 

A plan to Emit Names' losses 
from next year has been intro¬ 
duced, and its terms improved 
foam, those recommended in 

Cumulative losses over a 
four-year period will now be 
capped at an amount equiva¬ 
lent to 80 per emit of their pre¬ 
mium income limit — the 
amount the premiums they are 
allowed to accept - rather 
than the 190 per cent proposed. 

Abandoning new 
Tube extension 
may cost £200m 

The freight side has also per-1 Contrary to Section 1 Theft Act 1968. ■ "• 

' formed t»cfly>Afthough TMafr* 7 November ^omand^ovemberE. 1*0, 

“ - - - - steal one million itertitr.International Incorporated common 

stock shares, belonging to Macmillan Incorporated. 

Contrary to Section 1 theft Act 196a 
8 That you together with Ian Maxwell and Larry Trachtenberg on 
divers days between November 10 1991 and November 14 1991 
conspired to defraud the .Swiss Volks Bank (the bank) of $35An 
d is h on estly and falsely representing two officers of the bank: 

(i) *raart Robert Maxwell. Group pic. was tire legal and beneficial 
owner of 2.4m common shares in Berlitz International Incorpo¬ 
rated (the shares). 

(ii) That Robert Maxwell Group pic had the right to execute, 
deliver and to perform its obligations pursuant to a pledge agree¬ 
ment between tee bank and Robert Maxwell Trading pic. 
fill) That the Robert Maxwell Group pic had good and t nu rk eto bfe 
title to the shares, free of any and all security interests or 
options, in favour of, .or chums of, any other person except the 

Contrary to common law. 



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■- V-7. -if 

By Andrew TaytOr, 
Construction Correspondent 

The cost of abandoning the 
£L7bn planned extension of 
London’s Jubilee underground 
line - under threat because of 
the failure of Canary Wharf 
office development - could be 
more than £ 200 m according to 
the London Docklands Devel¬ 
opment Corporation. 

Olympia & York the develop¬ 
ers of Canary Wharf had prom¬ 
ised to pay £400m over 25 years 
towards the cost of the line. 
The Canary Wharf project last 
month was put into adminis¬ 
trative receivership putting the 
Jubilee Line extension in jeop¬ 

The government has said it 
will not go ahead with the fine 
unless a purchaser can be 
found for Canary Wharf which 
would be willing to take over 
Olympia & York’s contribution 
to tee extension. 

The London Docklands 
Development Corporation 
(LDDC) in a briefing paper sub¬ 
mitted to the Transport 
Department says taxpayers 
and shareholders of construc¬ 
tion companies have already 
spent more than EiOQm in pre¬ 
paratory work on the exten¬ 

Loudon Transport it says has 
spent £iOQm on bringing pre¬ 
liminary designs to the point 
at which contractors can ten¬ 
der for work. Contractors it 
estimates separately have 
spent mm on preparing bids. 

LD DC estimates that the 
costs of aborting the extension 
could be a further £35m to 
£85m. It says that delaying the 
work would only increase costs 
as construction teams would 
have to be rebuilt and bid 
prices would be likely to rise. 

Each one per cent increase 
in price would add about £XSm 
to the cost of the project said 
tee corporation, ft wants the 
fine to go ahead to give much 
needed fillip to redevelopment 
plans which have been affected 

A potential bidder for 
London Ri verb os, the loss- 
making Thames service, 
emerged yesterday with 
plans to develop a commuter 
network into the capital 
using a fleet of 34 vessels, 
writes Urn Burt 

White Horse Ferries, a 
Swindon-based company, 
said it was discussing a 
takeover of Rfverbns with 
the administrators of 
Olympia and York; the felled 
developer of Canary Wharf. 

OftY rescued RLverbus 
from collapse three years 
ago when it led a consortium 
of property developers which 
injected £2L5m to underwrite 
sendees between Chelsea 
and Greenwich. Since then 
Riverbus has been operated 
by managers seconded from 
P&O, tee shipping company, 
which owns the service In 
partnership with O&Y. 

badly by the collapse of the 
property market 

"Office and other space wiH 
fill up very much more slowly 
if tiie Jubilee Line extension is j 
postponed or -cancelled,” it ] 

Contractors have submitted 
bids for almost an of tee 10 
mile extension. London Trans¬ 
port have already identified an 
aH-ltallan consortium led by 
Italstrade as being likely to 
win the contract for the 2% 
mile section between Canary; 
Wharf and Canada Water on > 
the south bank of the River j 

The LDDC refutes the view 
teat government tends ear¬ 
marked for the extension could 
be used for other transport pro¬ 

It says: “Even if the Trea¬ 
sury agreed to such an 
approach, which is doubtful, 
London Underground and Brit¬ 
ish rail would not be able to 
bring sufficient projects for- 
ward at such short notice." 


1 That you, together with Kevin Maxwell on divers days between 
May 11991 and December 1991, conspired to defraud the Swiss 
Bank Corporation of £55,783,466.76 by dishonestly being party to 
the sale of securities belonging to First Tokio Index Trust Ltd 
which you knew was contrary to representations and n»< r nan<f <»g 
given to the said bank. 

Conspiracy to defraud contrary to common law. 

2 That you did, together with Kevin Maxwell on or about Septem¬ 
ber 301991, steal a portfolio of securities quoted upon the Interna- 
tional Stock Exchange manage d by Lkjyds Investment Manage¬ 
ment Ltd to a value of £71)09,056 being the property of MGPT Ltd. 

Contrary to Section 1 Theft Act 1968. 

3 That yon did, together with Kevin Maxwell on or about the 
October 22 199L stole a portfolio of securities quoted Upon tee 
International Stock Exchange managed by Lloyds Investment Ltd 
to a value of £12,446,703^6 being the property of MGPT Ltd. - 

Contrary to. Section 1 Theft Act 196a 

4 That yon did, together with Kevin Maxwell, on or about 
October 22 1991, steal a portfolio of securities quoted upon the 
International Stock Exchange to a value of £5.067,292^6 boing the 
property of AGBPT Ltd. 

Contrary to Section 1 theft Act 1968. 

5 That you did, together with Kevin Maxwell, on or about 
October 31 1991, steal a portfolio of securities quoted upon the 
International Stock E x change managed by Invesco MQf plc to a 
value of £12^75,215 bring the property of MGPT Ltd. 

Contrary to Section 1 Theft Act 1968. 

6 That you, together with Kevin Maxwell and fen MexwefL on 
divers days between November M 1991 and November 14 V 109L 
conspired together to defraud tee Swiss Volks Bank (the fe»nfc> of 
$3S5m by dishonestly and Ealsely representing to officers of tiie 

(I) That Robert Maxwell Group pic was the legal and beneficial 
owner of 2.4m common shares in Berlifa International Incorpo¬ 
rated (the shares). - ; . T 

00 That Robert Maxwell Group pic had the right to execute, 
deliver and to perform its obligations persnant to a. pledged 
agreement between the bands and Robert Maxwell Trading pic. 
(Hi) That the Robert MaxwellGroup pic had good and marketable 
title to the shares, free of any and all security Interests or options 
in favour of, or claims of,any other person except the lank. 
Conspiracy to defraud contrary to common few. 

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1 That you, together with Kevin Maxwell and Larry Trachten¬ 
berg, did on divers daysbstween November If) and November 14. 
1991, conspire together to defraud the Swiss Volks Bank fthe 

at the bank: 

© That Robert Maxwell Group pk was the legal and baieiGdal 
owner of 2.4m common, shares in Beriibs International Incor¬ 
porated (the shares}. 

(H) That Robert Maxwell Group pic had the right to execute and 
deliver and to perform ffe dbfigafckras perauant te a pieds* agree¬ 
ment between the bank mxl Robert Maxwell TV »ftw pfr. 

(Hi) That tiwRotertMaxwell Group pk had good and maricetabfe 
title to the shares* tree Of any and all security interests options 
to fevour ot or claims 0£ any other person- except foe-her*. * ' 
Conspiracy to defraud contrary to common law. -. 

A £■ Ii ft 







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^^ClAttrMES FRIDAY JUNE 19 1992 


C 5>*V 

?0' r»i 


will and testament of Robert Maxwell 

Headingtai nat IM, Oxford. 

England, publisher, hereby 
revoke dll WHb and J festamea■ 
-tary Dispositions- heretofore 
made by me and declare this to 
be ray-last whl 

l appoint my wife, Elisabeth 
Jeanne Maxwell; Ellis Freed¬ 
man, attorney-at-law. of the 

Stato'.af- New-Yorip-niy sons, 

Ian and Kevin Maxwell; my 
daughter, Christine MaHna; 
and each of my other children 
who shall her actively en gage d 
in' the executive senior man¬ 
agement (ie. being a Director) 
ofrafly of. the group of compa¬ 
nies owned or controlled by 
the Per ga m on Holding Founda¬ 
tion(PHF), or any other com¬ 
panies in publishing, printing, 
communications or related 
fields that are associated with 
any of the said companies (col¬ 
lectively hereinafter referred to 
as the . Pergamon Group (PG)> 
at the time of my death , to be 
the Executors of this' my Will; 
provided, however, that upon 
Mr Freedman's attaining the 
age of 70 or ceasing to be 
actively engaged in the prac- 
: tice of law, whichever shall 
first occur, he may be removed 
by a written instrument signed 
by a majority of the other 
Executors then serving. The 
team “actively engaged" as 
used in the preceding sentence 
shall be construed to mean full 
time employment and hold the 
position-of Director in at least 
ode of the operating companies 
in the Pergamon Group. If at 
any time neither my said wife 
nor Mr Freedman are serving 
as Executors, a majority of the 
remaining Executors may. 
appoint one or more persons to 
serve as successor Executors in 
theirjplace. . 

If at any : time there shall be 
less than four Executors serv¬ 
ing, they or a majority of them 
shall have the right to appoint 
one or more successor Execu¬ 

I direct my .Executors to 
arrange for my burial in an 
orthodox Jewish cemetery in 
accordance with orthodox Jew¬ 
ish rites in Jerusalem. ' 

I direct , that the cash legacies 
to individuals hereinbelow pro¬ 
vided shall be paid - -as soon 
aftm* my deato asxnay be prac-. 

ticable and free of all duties 
and taxes payable on my 

I give to my dear wife, Elisa¬ 
beth Jeanne Maxwell, all my 

personal chattels as defined in 

- form two of the Statutory Will 
Forms 1925, not otherwise 
hereby or by and Codicil 

- hereto specifically disposed of, 
and the sum of £500,000, if she 
shall survive me. ■ ■ 

I give to each of my children 
who shall survive me the sum 
of £200,000. In the event that 
any of my children afodl not 
survive me the legacy given to 
that child shall be paid in 
equal shares to his or her issue 
surviving me, per stirpes. 

I give the sum of £150,000 to 
my sister, Sylvia Rosen. In the 
event that my sister, Sylvia 
Rosen, shall not survive me, 
the legacy of £150,000 given to 
her shall, be paid in equal 
shares to her issue surviving 
me, per stirpes. 

I give the sum of US$300,000 
each to my niece, Helene 
Atkin, and my nephew, Mich¬ 
ael Atldn, if they shall survive 

• I give to Jean B&ddeley, in rec¬ 
ognition of her many years of 
loyal service and hard work, 
the s um of £ 100 J »0 if she shall 
survive me. 

If any beneficiary under my 
Will shall be bankrupt at the 
date of my death any amount 
that he or she would otherwise 
have received under my Will 
shall be held on protective 
trusts for such beneficiary 
under Section 33 of the Trustee 
Act 1925 instead of absolutely 
for such beneficiary. 

If any beneficiary under my 
WIB shall contest its validity 
or the validity of. any of its 
provisions such beneficiary 
shall if the Will or such provi¬ 
sions are upheld be entitled to 
one thousand pounds only 
instead of the gift the benefi¬ 
ciary would otherwise have 
had. ' 

All gifts to any; beneficiary 
who is an individual are condi¬ 
tional upon a majority (includ¬ 
ing my .wife if then living} of 
the Executors of this my Will 

stating in writing not later 
than two years after my death 
that in their opinion the bene¬ 
ficiary in question has not 
been guilty of conduct tending 
to bring my family or the Per- 
gamon Group into disrepute or 
otherwise harmful to my fam¬ 
ily and failing such Instrument 
such gift shall fall into my 
residuary estate. 

1 give to an orthodox syna¬ 
gogue or Beth Midrash In 
Israel to be selected by the 
Ashkenazi Chief Rabbi of 
Israel, as an endowment to 
ensure that prayers be said in 
perpetuity for my parents, my 
sisters and brother and myself 
on the anniversaries of our 
deaths, or any other date cho¬ 
sen by the said Chief Rabbi 
such amount as may be needed 
for that purpose. 

In (he case of a gift to a person 
under the age of 18 years the 
receipt of their parent or 
guardian shall be a good dis¬ 

I give, devise and bequeath all 
the rest, residue and remainder 
of my estate after payment of 
all liabiliti es of my estate and 
any duties or taxes payable on 
my death to the trustees of a 
new trust the be called “The 
Maxwell Family Charitable 
Trust" intended at the date of 
this my Win to be set up in the 
near fixture if the same shall be 
constituted at the date of my 
death (failing which I give 
devise and bequeath the same 
to my Executors) in each case 
upon trust to divide the same 
in four equal parts (funds A, B, 
C and D respectively) and to 
hold such funds and to apply 
the income of each of such 
Funds to the following uses 
and purposes: 

1 Fund A to provide financial 
assistance to the people of 
Israel in the defence to the 
State of IsraeL 

2 Fund B in support of primary 
scientific and m edical research 
hi the following areas: 

(a) Assisting in the eradication 
of cancer, especially to favour 
those researchers who are 
attempting to alter the behav¬ 
iour of cancer cells to become 
benign or to convert them¬ 
selves into the defenders, 

rather than the attackers, of 
the biological system; 

(b) The eradication of heart 

(c) Research on the human 
brain, looking to a better 
understanding of the brain as a 
way of curing and controlling 
dementia and Alzheimer's dis¬ 
ease and the restoration of 
brain functions to persons suf¬ 
fering severe head injuries. 

3 Fund C to encourage and 
assist capable young people in 
the setting up of their own 
businesses in the fields of 
media, communications and 
information, on the under¬ 
standing that they will contrib¬ 
ute 10 per cent of the equity of 
their businesses to Fund C on 
receipt of the grant and will 
ultimately refund to Fund C 
the monies advanced if they 
are successful The Trust shall 
be required to use the income 
received from such equity par¬ 
ticipation or the sale thereof 
for the further expansion of 
this programme. The Trust 
shall hold an annual prize-giv¬ 
ing symposium at a place to be 
designated by the Trust and to 
be organised in connection 
with a world young entrepre¬ 
neurs' forum which will be 
held the auspices of 12 
to 20 of the world's leading 
businessmen invited to serve 
by the Chairman of the Per¬ 
gamon Group (or if there Is no 
such Chairman, the Chairman 
of the principal operating com¬ 
pany in the Group). 

4 Fund D to fund the efforts of 
such individuals in the social 
and behavioural sciences, 
including politics, whose ideas 
in the opinion of a panel of 
distinguished advisers in those 
fields to be selected by the 
Chairman of the Pergamon 
Group (or if there is no such 
Chairman, the Chairman of the 
principal operating company in 
the Group), would contribute 
to the avoidance of war and 
conflicts between nations, the 
elimination of racial hatred, 
and making the primary, sec¬ 
ondary and tertiary educa¬ 
tional systems more practical 
in the preparation of children 
and students for a life of 
change that will better enable 
them to contribute both to the 
creation of wealth and the 

'IV- ‘.^•>■••,3 

Robert Maxwell arrange my burial in an orthodox Jewish cemetery 

enjoyment of leisure. The 
Trust shall use its best endea¬ 
vours to link together the two 
groups of young people to be 
benefltted under the provisions 
of this paragraph 4 and the 
preceding paragraph 3, by 
bringing them together in the 
annual conference mentioned 

If in any year the entire 
income of any of the Funds is 
not used for the purposes 
aforesaid, the surplus shall be 
transferred to the reserve of 
the Fund In question and 
become part of its principal 

It is my hope that the Per¬ 
gamon Holding Foundation, 
whose assets I have helped to 
build up to their present mas¬ 
sive capacity, will commit 
themselves to support all of 
the foregoing purposes. 

The Trust shall maintain a 
small professional staff respon¬ 
sible for encouraging and sup¬ 
porting these programmes 
ensuring their worldwide dis¬ 

I direct that all my shares of 
stock of any companies in 
which 1 may own a controlling 
Interest and of all companies 
in the Pergamon Group that 
my said Executors may receive 
shall continue to be held by my 
aaM Executors and shall not be 
sold or otherwise disposed of 
by them except as part of the 
distribution of my estate; pro¬ 
vided that the foregoing direc¬ 
tion shall not preclude the sale 
or other disposal of individual 
companies, when compelling 
business or political consider¬ 
ations so dictate. 

The provisions of Clauses 4, 8 
and 10 of a Declaration of 

Trust dated 22 December 1986 
constituting the Maxwell Char¬ 
itable Trust shall, so far as 
capable of so applying, apply to 
the Trusts of this Will as If 
incorporated herein in extenso. 

In the event of any dispute or 
difference amongst my Execu¬ 
tors, the decision of a majority 
shall control; any deadlock 
shall be resolved by lot 

I desire and declare that Jean 
Baddeley shall continue to be 
employed in and about the 
management of my estate and 
that such engagement be upon 
the most generous terms of 
compensation that may be 
deemed appropriate. 

No Executor may be liable for 
any loss or breach of trust not 
attributable to his own dishon¬ 
esty and no Executor shall be 
bound to take any proceedings 

against a co-Executor or for¬ 
mer Executor or his personal 
representatives for any breach 
or alleged breach of trust com¬ 
mitted or suffered by any such 

In witness whereof 1 have here¬ 
unto set my hand to this and 
the six {6) preceding pages this 
12th day of July, nineteen hun¬ 
dred and eighty-seven. 

Ian Robert Maxwell 
Signed by the said Ian Robert 
Maxwell the Testator, as and 
for his last Will in the presence 
of us, each being present at the 
same time, who at his request, 
in his presence and in the pres¬ 
ence of each other have here¬ 
unto subscribed our names as 

A.M. Martin residing at 46 
Rushdrive Road, Putney, Lon¬ 
don SW15. 

L.A.Denton residing at 196 
Upper Road, Kensington, 
Oxford OXI 


l Robert Maxwell residing at 
Headington Hill Hall Oxford, 
England, do hereby make, pub¬ 
lish and declare rtds codicil to 
my last will and testament: 

FIRST: In addition to any 
and all other provisions that I 
have made for her, I give, 
devise and bequeath to my 
wife, Elisabeth Maxwell all my 
right, title and interest in and 
to the three apartments located 
in France In which both she 
and I have an interest. 

In witness whereof I have 
signed my name and affixed 
my seal at New York, N.Y., 
U.S.A. on this 30th day of 
December, 1990. 

Robert Maxwell 
gjfmpH, sealed, published and 
declared by Robert Maxwell, 
the testator above named, as 
and for a codicil to his last will 
and testament in our presence 
and we at his request in his 
presence and in the presence of 
garb other have hereunto sub¬ 
scribed our names as witnesses 
on the day and year last above 

Ellis Freedman Residing at 300' 

E59 St, New York 

Joyce B Howath Residing at 

126 Texas Ave, Bronxvflle, N.Y. 


3 * ,-rrrr' 

Police helped by accountants 

By Andrew Jack. '* ■ . 

THE ARRESTS of Mr Kevin 
Maxwell, Mr Ian Maxwell and 
Mr. Larry Trachtenberg yester¬ 
day by the Serious Fraud 
Office follow several months of 
inquiries by a. team of more 
than 50 police officers and 
other staff, given considerable 
support by accountants acting 
as administrators to the Max¬ 
well companies. 

The SFO staff is still working 
on further investigations 
which may lead to additional 
charges in the coming'months. 

Mr John Tate is controller of 
the SFO Maxwell team, which 
includes several lawyers and 
up to 30 accountants seconded 
from the forensic division of 
KPMG Peat Marwick . 

But besides its own inqui¬ 
ries, the SFO has also been 
able to draw on information 
from the substantial investiga¬ 
tions work conducted by 
accountants- who were afl min- 
istratora acting on behalf of 
creditors to the Maxwell public 
and private companies. 

Mr John Talbot, a partner 
with Arthur Andersen, has co¬ 
ordinated the administration of 
the private Maxwell business 
empire of more than 400 com¬ 

The firm passed information 
on alleged MCC share support 
operations to the SFO. 

Mr David Tell head of the 

Liquidator Nell Cooper and investigator John Talbot 

litigation and special investiga¬ 
tion services unit at Price 
Waterhouse, administrators to 
Maxwell Communications Cor¬ 
poration, has been equally 
important - 

Mr Neil Cooper, the partner 
at Robson Rhodes, liquidator 
to Blshopsgate Investment 
Management, manager and 
trustee of the pension funds, 
has also been investigating 
movements of money. 

The accountants have had 
access to Information not avail¬ 
able to the police under special 
powers given to them by the 
1986 insolvency act 

So-called "section 236" inter¬ 

views allow them to ask ques¬ 
tions of individuals, who have 
no right to silence. This infor¬ 
mation cannot he passed on to 

Nevertheless, there have 
been regular meetings to share 
other information by the differ¬ 
ent accountants and the SFO. 
Private investigators have also 
been employed to help trace 
assets and identify movements 
of money. 

The SFO has publicly 
announced five separate inqui¬ 
ries between November 1992 
and January this year in con¬ 
junction with the City of Lon¬ 
don police, to which some of 

the yesterday's charges relate: 

• November 18, 1991: a £55m 
loan from Swiss Bank Corpora¬ 
tion to Adviser (188), a com-, 
pany owned by Headington 
Investments, after a complaint 
from Swiss Bank Corporation 

• December 4: allegations con¬ 
cerning the management of 
assets of the Mirror Group 
Newspapers Pension Fund 

• December further allega¬ 
tions concerning money miss¬ 
ing from MGN, following a 
complaint from Mirror Group 

• December 18: arrangements 
made to support the price of 
MCC shares, folio wing receipt 
of information from Arthur 
Andersen, administrators of 
the private Maxwell interests 
passed to the Department of 
Trade and Industry 

• January 3 1992: assets 
including cash and invest¬ 
ments removed from MCC, 
launched following investiga¬ 
tions by Price Waterhouse, 
administrators to MCC 

The charges against Mr 
Kevin and Mr lan Maxwell and. 
Mr Larry Trachtenberg appear 
to relate principally to the 
Swiss Bank Corporation loan 
and alleged thefts of pension 
ftmd money. There is no men¬ 
tion of share support allega¬ 
tions, by which directors buy 
shares In their own companies 
but do not disclose the pur¬ 
chases as required by UK com¬ 
pany legislation. 

Raids start with home arrests 

E began yesterday’s 
with carefully coordi- 
arly mornings raids on 
Dines in expensive parts 
ton - Chelsea, Hamp- 
ad Belgravia. 

It Kevin Maxwell, at ms 
in Chelsea. It was a 
public arrest. Journal- 
i been tipped off and 
afting outside his four- 
home when six deteo- 
jridng with the Serious 
Office arrived in two 

s the media presence 
ed to his wife Pandora 
ake. the police for jour- 

after 7am, Mr Kevin 
I and his brother Ian 
d been arrested at his 
a Belgravia, arrived at 
Sn police station in the 
[ London in separate 
bout an hour later, Mr 
‘rachtenberg, arrived at 
ae police station after 
est at his Hampstead 


Xd another raid during the 
mooting, five plainclothes offi¬ 
cers from the Serious Fraud 
Office went to the City office in 
Wardrobe Place where which 
Mr Kevin Maxwell had been 

The officers entered the 
office at about 7.30am and left 
at 10.40am taking with them 
several sacks idled with docu¬ 
ments and computer, equip¬ 

Two secretaries arrived at 
about &30am, and remained in 
the budding during the raid, 
where they were joined by a 
solicitor an hour later. 

Two lawyers representing 
the Maxwell family also 
arrived and stayed inside the 
building daring the raid. 

In Oxford, life appeared to be 
carrying on as. normal inside 
Headington Hill Hall for 32 
years the Maxwell family 

Mrs Betty Maxwell still lives 

in the 29-bedroom Victorian 
mansion but there was no sign 
of her. She has not been seen 
on the estate for a few days. A 
former employee, who has 
recently been acting as her 
chauffeur, is on holiday to th p 

TW 9 of the 23 Pergamon 
Press' journalists sacked by 
Robert Maxwell three years 
ago kept a vigil outside the 
automatic security gates. Per¬ 
gamon Press, the company 
around which Mr Maxwell 
built his empire, is still based 
on the estate but is owned by 
.fixe Dutch publishing group 

Two of the sacked Pergamon 
Press workers, production edi¬ 
tor, Mr Howard Waller, 27, and 
editorial assistant, Mr Chris 
Tlghe, 25, sat in deckchairs, at 
the back of a Ford Transit 
truck outside the only entrance 
to the 14 acre estate. 

They watched as couriers 
brought manuscripts from Per- 

gamon's authors. The Royal 
Mail will still not pass the 
National Union of Journalists’ 
picket line to enter the estate 
and mail is collected each day 
from the sorting office by Per¬ 
gamon staff. 

In the early morning, police 
visited the country home of Mr 
and Mrs Kevin Maxwell, Rill 
Barn, a converted bam on an 
isolated lull ait Hailey, hear 
Wallingford in Oxfordshire. 
Items were taken from the 
house in a polythene bag. - 

A few minutes later three 
men, accompanied by another 
who appeared to be the key- 
holder, were let into a locked 
double garage across the 
gravel yard. 

They searched one of the 
garage units bat emerged after 
15 minutes apparently empty 
handed. The team, who said 
they were from the City of Lon¬ 
don police, drove off shortly 
before 10 am on their way back 
to London. 

Larry Trachtenberg leaving Showhill police station. London, for 
court yesterday. Press reports that he was a driving force behind 
the Maxwells’ labyrinthine financial dealings have been denied 
by former colleagnes and employees . 

rues his 

By Robert Corzine 

JUST HOURS before Ms arrest 
yesterday Larry Trachtenberg 
was musing on the events over 
the past decade which carried 
the 38-year-old American from 
a lecture hall at the London 
School of Economics to the 
dock at Bow Street magis¬ 
trate’s court, alongside Kevin 
and Ian Maxwell 

“It was an expensive mis¬ 
take," he said, referring to the 
last in a series of career 
changes which saw the former 
lecturer in international rela¬ 
tions at LSE rise to a sensitive 
financial position at the heart 
of Robert Maxwell’s empire. 

Just bow expensive will 
depend on the outcome of the 
conspiracy to defrand and 
theft charges which he now 
faces. But it was already clear 
before his arrest that the scan¬ 
dal was taking Its toll 

The enforced idleness at 
home while waiting for the 
police and SFO investigation 
to unfold grated on a man who 
had spent much of the past 
seven years involved in the 
heady atmosphere of City deal- 
maiting . 

The speed with which some 
former close friends and busi¬ 
ness associates distanced 
themselves has also taken its 
toll “It’s as if you’re carrying 
around the stench of a dead 
cat," he said. 

Mr Trachtenberg's rise and 
fell is a classic story of the 
City in the 1980s. 

In 1985, Mr Trachtenberg, a 
computer buff, founded Global 
Analysis Systems (GAS) with 
fellow American and Oxford 
academic, Mr Andrew Smith, 
and a British partner 
who eventually dropped out. 

The original intention of 
providing high quality on-line 
analysis of international eco¬ 
nomic and political develop¬ 
ments never really caught on. 

But it was exactly the type 
of new media venture which 
caught the eye of Robert Max¬ 
well who bought the company 
in 1987 

He was also intrigued by a 
bevy of new financial prod¬ 
ucts, such as an early global 
tracker fund, which Mr Smith 
was keen, to develop. 

The spin-off of the financial 
products of GAS into London 
& Blshopsgate International 

(LBI), a fund management 
company and financial tool of 
the Maxwells, was not alto¬ 
gether welcome, at least from 
Mr Trachtenberg’s presort per 

“I was dragged into the 
City-, he says. But his own 
transformation from an essen¬ 

tially administrative role to 
that of a financial operative 
was qnick, though press 
reports suggesting he was a 
driving force in the 
Maxwells* labyrinthine finan¬ 
cial d ea lin g s are discounted by 
fonnercolleagues and employ¬ 

MPs say 
Bank to 
be more 

By Alison Smith 

MPs campaigning on behalf of 
the Maxwell pensioners were 
encouraged yesterday that Mr 
Robin Leigb-Pemberton, the 
governor of the Bank of 
England, would take a more 
active role to assisting to the 
recovery of assets. 

Three MPs from the all-party 
group - Mr Richard Page, Mr 
Frank Field and Mr David 
Shaw - met Mr Leigh-Pemb- 
erton to express their concerns 
about what has been seen at 
Westminster as a too passive 
roie adopted by the Bank over 
the Maxwell affair. 

They came away with the 
impression that the Bank had 
been acquiring information 
more actively behind the 

They also had the impression 
that the Bank would be work¬ 
ing closely with the special 
unit to help the pensioners. 
The unit has been set up in the 
department of social security 
and is led by Sir John 

Mr Leigh-Pemberton seems 
to have succeeded in softening 
the severely critical stance 
which MPs have taken towards 
his approach, though there 
remains some discontent that 
the Bank's powers are limited 
in some respects and it cannot 
act as a C5ty-wide regulator. 

The MPs were also cheered 
that while he recognised the 
limits of the Bank’s formal 
remit he was conscious also of 
the powerful Influence that it 
could exert 

They expressed confidence 
that once he was sure of the 
information on which he could 
act, he would be ready to do so. 
to order to contribute to ensuit¬ 
ing that the government's 
moral pressure on some banks 
and financial institutions was 

He is to circulate to the MPs 
a note setting out the con¬ 
straints of the Bazik’s position, 
and is ready to meet them in 
the autumn if that is still 

The MPs had written asking 
him to talk to the group, but in 
the event he may instead give 
evidence to the all-party social 
security committee once that 
has been reestablished. 




Canadair Challenger 600 
aircraft signalled its call 
sign HB-VGA, and the 
control tower gave it 
permission to land in Israel 
A chilly wind was blowing off the 

Nowhere to run 

Judean hills as the aircraft carrying 
Robert Maxwell's body touched 
down at the near-deserted A tarot 
airstrip north of Jerusalem at 
9.50am on the morning of Friday 
November 81991. 

Strands of barbed wire divided 
the runway from the nearby Pales¬ 
tinian camp. A young, dark-skinned 
soldier with a sniper rifle patrolled 
the balcony of the low. white termi¬ 

It had been essential to get the 
body to Jerusalem before the start 
of the Jewish Sabbath on Friday 
evening. Hie aircraft had been char¬ 
tered for £40,500 the day before by 
Maxwell's son Ian. With eight of its 
19 seats stripped out It was big 
enough to handle the coffin in a 
“decent ppfl dUgwinarf way”, nniiice 
Maxwell’s own Gulfstream Jet 

Danl KosovltsM. the airport man¬ 
ager, telephoned by Maxwell’s Tel 
Aviv lawyer Yaacov Ne’eman, bad 
given security clearance for the air¬ 
craft to land quickly. The airport 
staff knew Maxwell well from his 
frequent visits. 

Maxwell's French wife Betty, his 
eldest son Philip, and his youngest 
child Ghislaine stepped on to the 
tarmac. They were embraced 
warmly and emotionally by Ne’e¬ 
man and by Aliza fished, the 
woman who had organised Max¬ 
well's diary in Israel for three years. 

The small group waited for the 
heavy coffin to be taken from the 
hold. It was carried to a van by 10 
black-coated, black-hatted rabbis, 
arranged by the Hevra Kadisha. the 
burial society. The body was taken 
to Tel Aviv for a second autopsy. 
Two days later it would be carried 
back to Jerusalem for burial on the 
Mount of Olives. 

The autopsy failed to prove con¬ 
clusively how Maxwell died. How¬ 
ever, the last two weeks of his life 
point to the conclusion that he took 
his own life. 

On Sunday October 26, 10 days 
before his death, Robert Maxwell 
flew to London in his Gulfetream 
after a week at the New York Dally 
News, the loss-making newspaper 
which he had set his heart on resur¬ 
recting, as he had done with the 
Daily Mirror seven years earlier. 

Unknown to Mirror Group News¬ 
papers (MGN), as Maxwell flew to 
New York, he had taken out a loan 
of £50m from Bankers Trust in the 
London newspapers' name. On Mon¬ 
day October 21 , he had redirected 
MGN’s money to the straggling 
New York newspaper. Maxwell once 
told his London editors that he 
wanted to be remembered as the 
man who saved the Mirror. But the 
£50m loan stripped the Mirror of 
some of its hard-won financial 
health. Maxwell's ability to create 
and transform businesses had 
turned to destructiveness. 

Saturday October 26, seven days 
before his death, was, according to 
Caroline Hin&tey. Maxwell's assis¬ 
tant in New York, "the worst day of 
my life working for him”. Maxwell 
had been drinking heavily - vin¬ 
tage champagne during the day and 
Chtvas Regal in the evening. 

“He was in the worst mood I have 
ever seen,” she now says. Maxwell 
was enraged about allegations in a 
book that he was an agent for Mos¬ 
sad, the Israeli intelligence services. 
He spent the day in furious transat¬ 
lantic calls with Richard Stott, the 
Daily Mirror editor, and Bob Cole, 
his spokesman in London. He 
instructed staff on how to “limit the 

damag e”. 

Unable to reach one of his editors, 
he yanked the telephone line, 
shouting: “Idiots and dogs - I am 

Maxwell issued immediate writs 
against the book’s publishers. His 
London aides say the allegations 
“knocked him sideways” - whereas 
he had shrugged off the regular 
sceptical attacks on the solvency of 
his empire. 

The discussion of his alleged 
intelligence links in the House of 
Commons, safe from legal action by 
him under parliamentary privilege, 
seemed to him an echo of the judg¬ 
ment of the Department of Trade 

A few days before his death Maxwell 
faced threats from US banks to sell assets 
and repay loans. He was also ‘knocked 
sideways’ by allegations that he was a 
Mossad agent These were just some of 
the pressures that lead inescapably to the conclusion that 
he killed himself, Bronwen Maddox reports 

and Industry 20 years before that he 
was “unfit to run a public com¬ 
pany”. It reminded him of his exclu¬ 
sion from the British establishment 
and his impotence in front of it 
The lest loan ever made to Max¬ 
well's companies was signed by 
Lloyds Bank and Barclays Bank on 
Monday October 28, a week before 
Maxwell’s death. An extension of a 
long-standing loan, the £80m 
advanced to Robert Maxwell Group, 
his main private company - syndi¬ 
cated between UK, French and Jap¬ 
anese banks - was backed by a 
charge against Maxwell House, the 
empire's headquarters at Holbora 
Circus in London. 

, one of the last assets that 

more than £l 0 m owed for foreign 
currency by Friday it would sell the 
collateral it had been given: a block 
of shares in MCC. If Goldman Sadrs 
- the biggest buyers of MCC shares 
in the company's history - turned 
sellers, the stock market would read 
it as an irreversible signal to sell, 
and to keep on selling. That could 
trigger the meltdown that Maxwell 
House had always feared: bank 
loans throughout the empire were 
backed by the value of MCC shares, 
and if the price fell, the empire 
would crash. 

The same day Kevin Maxwell 
wrote to Swiss Bank Corporation to 
say that Maxwell House would 
repay their £55m loan early on 

Maxwell did not seem to his crew 
like a man under pressure. He 
seemed instead to be a man who 
had decided to drift 

remained unmortgaged. That loan 
had to support every salary, every 
claim on petty cash and every bank 
demand throughout the empire. 

The next morning, Tuesday Octo¬ 
ber 29, a single sheet of paper 
arrived at Maxwell House from the 
US bank Shearson Lehman which 
meant that the Lloyds money would 
not be enough. Lehman declared 
that because of failure to repay its 
loans it was going to seize the col¬ 
lateral: shares in the language com¬ 
pany Berlitz, a subsidiary of Max¬ 
well Communication Corporation 
(MCC), Maxwell's largest public 
company. If the bank carried out its 
threat it would block the Imminent 
sale of Berlitz, needed to pay down 
MCC’s debt 

On Wednesday morning, October 
30, two more fires broke out Gold¬ 
man Sachs, the blue chip US invest¬ 
ment bank, delivered a formal 
warning that unless it was paid 

Tuesday November 5 instead of giv¬ 
ing it some collateral. 

John Featley, Maxwell’s chauf¬ 
feur, who spent the week driving 
Maxwell and Kevin to bank offices, 
says: “It seemed his [Robert Max¬ 
well’s] attitude had changed. From 
walking past you as if you didn't 
exist, he actually stopped and 
talked to you." 

At lunchtime that Wednesday 
Maxwell had lunch with MGN edi¬ 
tors and executives from the Daily 
Mirror. He congratulated them on 
their handling of the arms trade 

“By that time the rows had 
stopped,” says Basil Brookes, MCC 
finance director, remembering Max¬ 
well's detachment. “Maybe it was 
because we didn’t speak any more 
by then - at least we didn't speak 
about business.” 

Brookes had braced himself for an 
explosion that afternoon: he was 
going to tell Maxwell that finally he 
was leaving. Instead he found Max¬ 
well sentimental and unable to 
grasp the problem in front of him. 

Brookes says: “I had this feeling 
everyone's going and Fm stuck and 
can’t get out” Although he had fold 
the Maxwells three months earlier 
that he wanted to. quit, he had 
stayed because his lawyers told him 
he had a duty to resolve the MCC 
boardroom row over Maxwell's 
siphoning off money from MCC to 
his own private companies. But that 
Wednesday Brookes had seen Harry 
McQuUlen - a senior MCC US 
director - resign and leave straight 
away. That Wednesday afternoon, 
Brookes finally felt entitled to go. 
He and Peter Laister, a non-execu¬ 
tive director, had agreed with Kevin 
a formal list of procedures for deals 
between MCC mid the private Max¬ 
well companies. Brookes and Leis¬ 
ter thought it marked a huge step 
forward. Brookes, deeply relieved, 
went to tell Robert Maxwell that he 
was going. 

Brookes insisted that the press' 
release announcing his resignation 
must go out by Monday November 
4. He had warned Maxwell repeat¬ 
edly that he would not put his name 
to another set of MCC’s financial 
results - and MCC’s half-year fig¬ 
ures were due in two weeks. 

He knew the figures would show 
a collapse in profits - and it would 
be dear that the second half would 
be even worse. The shares, undoubt¬ 

edly, would slump. These problems 
no longer belonged to him but to 
the Maxwells and the other MCC 

Maxwell summoned Nell Taber- 
ner from the auditors Coopers & 
Lybrand Deloitte - 10 minutes 
away to the east, in the City. He 
telephoned Laister in his car. Lals¬ 
ter was racing home, ready to leave 
in the middle of the night to catch 
the first ferry to France for a week’s 
holiday - but he turned around 
and came back. 

Tabemer was told that Brookes 
was leaving and that MCC had no 

Maxwell made several sugges¬ 
tions for replacements - journalists 
and managers from New York - 
but Brookes and Laister told him 
they were* ridiculous; the City 
would just laugh; and mark the 
shares down. Laister said the com¬ 
pany desperately needed a deputy 
chairman, and was taken aback 
when Maxwell offered him the job. 
Brookes says: “The old man took 
me aside at the end. He was sud¬ 
denly very nice. He said: *You know 
it's disastrous for me that you’re 

Just before 8pm that night. Max¬ 
well saw Cole - who had worked 
for him for 31 years - and told him 
that the editors had praised him 
that morning for his handling of the 
Mossad row. 

Cole says: “He put his arms on 
my shoulders and kissed me. He 
had only done that twice before. My 
father, who was also Jewish, used 
to hug me like that 

“But the problem with Maxwell 
was that he couldn't give a compli¬ 
ment without taking it away too. So 
he said: “The thing about you. Bob, 
in all the years you’ve been work¬ 
ing for me is that you always 
thought your job was to aid the 
press. You didn't realise that work¬ 
ing for me your job was to hinder 
the press."’ 

They both, laughed, but the criti¬ 
cism - although not the Jibe at the 
press - left a sour taste in Cole’s 

Maxwell walked up the flight of 
stairs from his office to the pent¬ 
house to catch a few hours sleep. 
His four-seater Aerospatiale helicop¬ 
ter, with the insignia of the MGN 
lion growling on the side, took off 
from the roof early the next morn¬ 
ing. It took him to Luton airport 
where his Gulfstream was waiting 
to take him to his yacht, the Lady 
Ghislaine in Gibraltar. 

The next morning, Thursday 
October 31, Charlotte Thornton, 
Maxwell's secretary, told all callers: 
“RJM. will be away about a week. 
No faxes, no phones. He's tired and 
he’s not been feeling so good.” 

Maxwell left behind a empire 
which was within weeks of collapse, 
and queues of executives waiting to 
present their petitions for money. 

None of them were aware that 
they were part of a crisis which was 
beyond solution- If they could only 
get the meeting they were asking 
for, then they could get the money: 
it was just tiie usual problem of 
pinning him down, they thought 

Ernie Burlington, MGN managing 
director, and Lawrence Guest, its 
finance director, had decided that 
they would have a showdown with 
Maxwell that morning. They had 
worried for two months about £47m 
diverted from the MGN bank 
account to Maxwell's private com¬ 
panies — and were still unaware of 
the £50m dispatched to the New 
York Daily News, 

Burrington now gays: “I had 
talked to Lawrence’s wife. They 

were prepared to live In a shack and 
give up everything. Lawrence was 
prepared to take on Maxwell and 
this time I was going to ask the 
other directors to do it as well” 
Burrington says Lawrence todl 
asked him: “When can we get in?” 
Burrington said: “We can’t, he’s 
done a runner.” The two agreed 
they would “hit Maxwell when he 
came back from his trip”. 

When Laister phoned Maxwell 
that morning to ask for more time 
to think about the deputy chair¬ 
manship, Maxwell had already left 
Laister - in retrospect with aston¬ 
ishing naivety - had taken the 
offer seriously: He now says: “We 
bad no reason to feel that it was all 

Gus Rankin, to contact the Gulf- 
stream in Madeira and order It to go 
back to Luton to pick up Kevin and 
Ian for a meeting. He cancelled the 
order 10 minutes later. 

Arriving in Funchal, the capital. 
Maxwell found himself besieged by 
journalists asking about the Mossad 
allegations and his businesses’s 
financial stability. Furious, he cut 
short a tour of the city and asked 
nankin to take him to the remote 
island of Desertas so he could swim. 
But he swam for only three min¬ 
ute, announcing to the crew that 
the water was “too lacking cold" 
and told Rankin to take him back to 

F unchal. 

That Saturday evening Brookes 

In telephone calls the day before 
he died Maxwell showed no 
recognition of the financial crisis. 
He was unusually considerate 

about to go down. MCC had a year 
to deal with Its debt payments. I 
didn't feel we were on a slippery 
slope and couldn’t do anything 
about 1L" 

That day Bacon & Woodrow, the 
firm of actuaries, signed their 
annual, formal report an the value 
of the Maxwell companies' pension 
funds. They pointed out, however, 
that it was a provisional report. 
"We have not yet received an 
audited statement of the assets at 
the valuation date from the auditors 
Coopers & Lybrand Deloitte,” they 
said. The next audit was not due 
until December 31 - so neither the 
actuaries nor auditors knew that 
more than £400m of the pension 
assets had been siphoned off. 

That Thursday was the day of the 
Goldman Sachs ultimatum. Famous 
on Wall Street for its machismo, the 
firm had begun to carry out its 
threat to sell MCC shares. 

Late that afternoon Citibank, the 
US bank, announced to the London 
Stock Exchange that it had 
“acquired an interest” in 5 per cent 
of MCC. Kevin told Cole to give no 
official comment, as press calls 
about the announcement were 
“after business hours”. Only those 
in Maxwell House knew that 
another bank had begun to 
repossess the security for its 

Early that evening the Financial 
Times called Kevin Maxwell’s office 
to say that it had completed a 
month-long Investigation into the 
Maxwell empire and was about to 
publish a report that hidden debt in 
the private companies was much 
higher than the outside world real¬ 

By Friday November 1, Swiss 
Bank had been told by Kevin Max¬ 
well’s office that the £55m loan 
could not after all be repaid by 
Tuesday. The bank told Maxwell 
House this was unacceptable: If the 
money was not in the office by 
Tuesday they were going to their 

That Friday afternoon Kevin Max¬ 
well called the FT and sai± Tm 
happy to talk, but the points you've 
raised will take some time to go 
through. Let’s meet on Monday at 

On Saturday November 2 the 
Lady Ghislaine reached Madeira. 
During the passage from Gibraltar, 
Maxwell had told the ship's captain 

was at home at a bonfire party 
when the phone rang. 

He says: “In the middle the phone 
rang - it was the old man from the 
boat rd had quite a kit to drink. He 
said he’d he back on Monday and 
we'll deal with the press release 
about your resignation then. He 
was unbelievably charming and 
nice. I was in the kitchen with my 
wife - the others were outside and 
couldn't hear - and I said to her: T 
guarantee you he won’t be back on 
Monday.’ I called Ron Woods 
[another MCC director] on Sunday 
and I told him the same thing - I 
guarantee you he won’t be back.” 

After calling Brookes Maxwell 
asked Rankin to sign out $3,000 
from the ship's funds so that he 
could go to the local casino. Rankin 
never saw the money again. 

The next morning Maxwell asked 
the bemused Ranlria to drop him off 
at an airport in the Atlantic 
between Madeira and Bermuda. 
Rankin told him there was nothing 
but open sea between the islands. 
Maxwell picked the Canaries 
instead and asked for the Gulf¬ 
stream to meet him there. 

Maxwell did not seem to his crew 
like a man under pressure. He 
seemed instead to. be a man who 
had decided to drift “It was as if 
he'd decided to just let everybody 
else get on with it,” says Rankin. 

In the middle of the greatest 
fmamdal crisis of his life Maxwell 
directed his yacht on an aimless 

On Sunday night, heading for the 
Canaries, he was called by his son 
fan, who reminded him of his agree¬ 
ment to speak at the Anglo-Israeh 
dinner on Monday night. Maxwell 
told his son he was not reefing very 
well, and was not sure he would 
make it 

In the Canaries the next morning; 
the Lady Ghislaine sailed to a swiaR 
bay called Foils de Abano. Maxwell 
asked to be taken for a ride in a. 
speed boat, hut was brought back 
because the sea was too rough, and 
asked to be taken to Santa Cruz on 

That Monday morning, November 
4, while the Lady Ghislaine was cir¬ 
cling the islands back in London,; 
1.800 miles away, Maxwell House 
had received the final notice from" 
Shearson r^hman that they were 
taking possession of Berlitz shares. 
That Monday morning, November 

. - .1 inn.... . V..: ■■■■■■ . ■ 

v v. 1 : . .- v -. , • .: 

■ ■■ yj. •<;■'. •: :r-.t .w ?>.. • i. 

■k • *v •. • • ■:. • \ ■: /. 


Maxwell’s death certificate issued by the Spanish Ministry of Justice 

4 , while the Lady Ghislaine was dr- AflCi 
oting the islands back in. London, (JLp 
1,800 mite away, Brookes’ sighed LI ^ 
his formal resignation. He spoke to r 
Maxwell three times to . agree the 
wording of the press release. g 

Brookes says: “We agreed it would ]| JV H 

go out Monday night or Tuesday |fl 
morning. But somehow it didn’t.” Ml w 
At 4 pm on Monday November A, IP w 
Goldman Sachs’s formal notifies- I 1 
tion to MCC that it had sold part of 
its shareholding on Thursday 
arrived at Maxwell House. Cole 
asked Kevin's office for permission 
to release the statement but Cole 
says he was told: “No - tomorrow” _ 

A copy of the log of phone calls 
from the boat shows that Maxwell 
spoke to Kevin several times. Cole y .'7-- 
says: “It would be nearly unbefiev- w ' 
able for Kevin not to have told his 
father on the boat that the Gold- 
mans’ notice had come through.” . • v 
At 5pm Kevin Maxwell's secretary . ‘ V 

called the FT to postpone the meet- y ■“ 

big at 6 pm until the next morning. 

That evening Maxwell - appear- 
ing to forget which country he was 
in - asked. Rankin to lend him 
some Portuguese escudoes. He •- • 

asked a taxi to take him to “the best 
restaurant in town". ■." ■/- 

They drove to the Hotel Mencey, •:••••;. * 
a restored colonial palace with mar¬ 
ble floors: The bead waiter, Sergio 
Rodriguez, led Maxwell to table 
number one where he sat on a ' : . . 

green velvet chair with a view of 
the tropical gardens. V-- ' 

Rodriguez recalls: “He came In .... 

dressed in a summer jacket and • ‘ . 

open shirt It was only the next day j* “• - 

I was to realise who he was from ■ 
the photographs in the newspapers. 

But that night I mistook.him for a -;■ 
cook from the Blue Star fine I had ' . 
met once.” ’ 

Maxwell ordered three beers, two 
of which he drank quickly. He - 

ordered spinach and asparagus 
mousse, cod in mushroom and 
parsely sauce and a pear. Rodriguez 
says: “He didn’t strike me as partic- ~ 

ularly ill or agitated." . 

Only later did he seem distracted, C. - 
leaving his jacket at the table as he ... 

left at 9.45pm. At the Cafeteria 
Olympus he had a coffee and > - 
brandy mid was taken back to the -V. 
boat ' 

During his meal the Gulfstream •: 

had arrived at Tenerife's southern r 7 

airport Maxwell took Rankin’s sag- T"'"- • • 
gestzon that they should sail around ;- . . 
the island to Los Cristianoe, sparing '•■■■ 

him a drive along the winding 
coastal road. But Maxwell told Ran- 
kin not to take the direct route, and ~\~'l -. . 

• Instead to cruise through the night 
to Gran Canaria and back. He said - 
he would sleep better if the boat : ; 
was at sea. " ' r . 

Maxwell told Rankin that he * \ 

planned to fly to London the next 
day, Tuesday November 5, and that 
the crew would then be free to sail "r-* : 
to New York as originally planned. 

In telephone calls that day, Max- "" “• 
well showed no recognition of the v .vt ;. 
financial crisis. He was unusually 
considerate, apologising for disturb- .sm ■ 
ing Burrington daring his lunch. _■ 

Burrington says: “Blimey, I :.r:..v - 4 
thought" He says Maxwell said: : 

*Tm coming back tomorrow night . : : - - - • 

and HI see you Thursday morning." — -... - 

Maxwell drafted tile speech for A--- ; 
the Anglo-fsraeti dinner over the . . ••.-. T 

phone with Sam Pisar, his Paris 
lawyer, and his son Ian. He gave 
out a “great belly laugh" at a Joke v ~ . ; . 

about Yasser Arafat Jumping out of -17,.".". 

a aircraft, mistaking a Jewish .cT lV . \..l 
prayer shawl for a parachute. 

That evening, around 11pm Span- 
ish lime, Rabbi Vogel, a representa- ”• 

five of the orthodox Jewish Lubav- ~' :i : ' 

itch sect called Maxwell about his Tr!:',.’:*::- 
project to prise religious books from 7L7 : •“••• :: 

Russian archives. Maxwell said he ; 

would try to get some response - —■>*:. •• 

from Gorbachev. . 

That was the last phone conversa- L. 

Hon Robert Maxwell held. ftO 

The next day, at 9^0am, Kevin , 

Maxwell met the FT. He agreed 
with the FT’S estimated figure of - 
£3bn debt for the Maxwell empire, ~ ~ ’ " 

but said all was well with the pri- , .? 3 ? er 
vate companies. He seemed relaxed. «•?{•. 3 ^ 

At 11am Cole released to the. 

Stock Exchange the bald statement ; _ 

that Goldman Sachs had turned ““ ‘ i ‘-- 

seller of MCC shares. The shares 
began to slide. Ten per cent of - =v- : e ^ 

MCCs value was wiped off by by 
2£8pm when all dealings in MCC 
and MGN shares were frozen. Ten ^ 
minute later a second announce- 
ment told the world that Robert 
Maxwell was missing at sea, feared 

lOSt ^ ii 

Did Robert Maxwell kill himself? '• 

By the day he died his empire had 
ran out of every drop of money and -’Sit* 

would have collapsed within weeks, , 

exposing the raided pension funds. 

To Maxwell that would, surely, . 
have been more than just shama or 
humiliation. He Identified com- 5 

pletely with his creations, the 
power they gave him, the Gulf- s 

stream, the yacht. The helicopter, ^ “ 5 ; "v aa 

with the huge shaggy lion’s head on 
the side, disturbing the peace as it 
clattered on to the roof of Maxwell 
House - that was Robert MiaxwelL 
His empire's collapse would have 
been equivalent to his annihilation. 

Would Robert Maxwell, who bad 
pursued publicity for every smallest 
event, choose to die alone, without (v ■ 

. telling anyone or leaving any- sign? ^ 

He gave no sign to Kevin, judging 
by Kevin’s composure that morn¬ 
ing. But part of the obsessive emo¬ 
tions that drove him him was enor¬ 
mous, anger. He had a violent past 
hfe family had been killed in the 
Second World War, and his part of 
Czechoslovakia annexed by the 
Soviet Union. In the last three years 
of his life he turned-his destructive¬ 
ness against Ms businesses- 
which fie neglected, abused, and in 
the and: destroyed. 

Thesigns^nggestthatin the end ^ 

Robert 'Maxwefi; destroyed himselL • f 
On the. deck, of Jrfs boat,. drcfing 
islands in the Atlantic in the hours 
before it became h 8 ht,he-was-aldue 
with...those lemotums and had 
nowhere to run. . '■. *ir- a*!/** 




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estions raised by 
xwell’s last hours 

r: ;v v. 

Jimmy Burns retraces Maxwell’s final hours 

IN THE larger-than-life story of 
Robnri Maxwell, the manner of his 
death remains the greatest mystery 

Did he; fall, overboard accidentally 
. or cHd'fce commit suicide? Could he 
conceivably have been murdered? 

. The lack of witnesses between the 
time-of his last phone call to the 
crew:im:board:.his yacht, the Lady 
G ma l aine ,and the discovery that he 
was missing has proved a major 
problem for investigators trying to 
get at the truth. 

Another obstacle has been the 
inconclusive nature of forensic evi¬ 
dence. Two autopsies were con¬ 
ducted on Maxwell’s remains. One 
suggests death by accident or natu¬ 
ral causes. The other leaves open 
the possibility of suicide or murder. 

The evidence of the last. 12 hours 
of Maxwell’s life as he cruised, 
apparently without purpose, around 
the - Canaries, is often confused and 
contradictory. The o fficial investiga¬ 
tions by the Spanish authorities 
was less than rigorous. 

At. stake is a £20m insurance 
claim. For Maxwell’s family ami his 
companies to. receive that money 
they have to prove that he died as a 
result of an accident or he had been 

The Financial Times has retraced 
Maxwell’s last hours. We have Inter¬ 
viewed key witnesses, including the 
Lady Ghiriaine’s crew. We have had 
access to hitherto unpublished doc¬ 
umentation including the Spanish 
police investigation. We have con¬ 
ducted a careful examina tion of the 
yacht The two autopsy reports con¬ 
ducted in Spain and Israel have 
been made available to the FT. 
What happened? 

Why did Maxwell leave for the 
Canaries alone on October 21? - 

Maxwell flew to Gibraltar that 
m orning as his empire was collaps¬ 
ing to meet the Lady Ghislaine. He 
went without his butler and and his 
personal secretary. He had never 
done -this before. Be did not even 
take a tin of caviar which always 
accompanied him on his cruises. 
Before leaving London he made the 
unusual step of thanking Bob Cole, 
his press officer and confident 31 
years, for his services. He bad been 
told by the Lady Ghlalaine’s . cap¬ 
tain, Gus Rankin that the boat was. 
not ready for the kind of cruise 
Maxwell was accustomed to. Tiro of 
its crew members . - a housekeeper 
and a steward - were an leave, the 
storm covers, were up. and.- there 
were no provisions on board. 

Maxwell told Rankin hot to 
worry. He would bring the provi¬ 
sions with hhn or else “rough it”. 
One of Rankin's predecessors had 
been dismissed by Maxwell for leav¬ 
ing the wrong coloured pens on his 

Maxwell left his London staff in 
the dark as to where he' was going 
and why.. He told Rankin he 
planned to take a few days off to . 
recover from a cold. He wanted to 
be dropped off in Madeira where his 
private plane would be waiting to 
take him to New York or London. 
He arrived in Gibraltar carrying 
some files and a limited supply of 

provisions. - 

Rankin, in his first interview, said 
he was sceptical about Maxwell’s 
motives. It did not strike him that 
his employer had a particularly bad 
cold. “He seemed healthy. He ate 
well throughout the crossing.” He work on thfo trip, which was 
almost unheard ot 

What was Maxwell’s state of 
mind on the crossing? 

Untroubled, according to those 
who talked to him during the cross¬ 
ing. They included his sons Ian, the 
editor of the Daily Mirror Richard 
Stott, and Rabbi Feivish VogeL Ran¬ 
kin, and other crew members, say 
that Maxwell did not seem like a 
man under pressure, rather like 
someone who had taken a huge 
weight of his shoulders and had 
decided to drift 

The Lady Ghislaine had the tech¬ 
nical capacity to control his empire 
with a push of a button. He almost 
invariably made use of it hi addi¬ 
tion to a fully equipped office- it 
included computers, copiers, shred¬ 
der, crytophone and fax machines- a 
satelite phone by his bedside identi¬ 

towards the C ana ri es ItiBt ead - 

Rankin told Maxwell’s widow, 
Betty, on her arrival in the 
Canaries, that he thought her hus¬ 
band bad killed himself. 

One female crew member recalls 
that at one point she entered Max¬ 
well’s office and found the floor cov¬ 
ered indocuments. She asked him if 
he wanted them tidied up. He lust 
idr ltwi thpm unrigy the table — as if 
he was no longer Interested in 

Maxwell may not have no longer 
been interested in his documents. 
But his family was. Two days after 
his death, according to Maxwell’s 
chief pilot Brian Hufi, his daughter, 
Ghislaine and Betty Maxwell, asked 
him to pick up some cases from the 

Hull says he was handed handed 
him six hard backed leather cases 
(4ft high, six ins wide, 2ft long). 
Betty maxweZL according to Bull, 
told him that the documents had to 
be in London by noon. 

Hull Hew oat at 7.15 next morning 
reaching the Mirror building in 
London just before twelve. 

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fied his priorities. 

' The or ganisati ons buildings fea¬ 
tured on the short-code dial of his 
telephone included Headington 
Han, Maxwell House, the Daily Mir¬ 
ror’s newsdesk, the New York Daily. 
News, Macmillan, Rothschilds in 
New his family. Including Kevin 
and Ian Maxwell, and close aides. 

"ft was as if he’d decided to Just 
let everybody else get on with it,” 
Rankin said “I now feel we were 
being drawn into a game in which 
we had no control” 

Maxwell rang his son to cancel a 
speech be was meant to have made 
to an Anglo-lsraeU dinner in Lon- 


On November 2 he called his two 
sons Ian and Kevin to a meeting In 
Madeira, then rescinded the order 
10 minutes later. He then changed 
his earlier plan to fly out from 
Madeira and chose to cruise 

Why would anyone want to kill 


Maxwell matte many enamlea in 
his business career. In the last 
month of his life he was accused of 
arms dealing and having close links 
with Mossad, the Israeli Secret Ser¬ 
vice. His son Philip told Spanish 
officials on hearing of his fooler’s 
disappearance that he thought Max¬ 
well had been kidnapped but subse¬ 
quently changed his mind. One 
Israeli minister still thinks, on the 
basis of the second autopsy, that 
Maxwell may have been murdered. 

Could anyone have boarded the 
ship that night? 

All boats in the area cm the night 
of his death have now been 
accounted for by the Spanish 
authorities. Throughout the night 
of Maxwell's disappearance the 
Lady Ghislaine had its radar and 
other equipment on. It picked of 

picked up no suspicious vessels. 
Rankin says: “I was on the bridge 
most of the night. We were doing 14 
knots. It was Impossible." 

Where were the crew? 

At the time Maxwell died, Captain 
Rankin and two other crew mem¬ 
bers were in on the bridge. An engi¬ 
neer was in the engine room. The 
bridge is sound-proof and the deck 
is out of ear-shot of the engine 
room. All other members of the 
crew were sleeping and heard noth¬ 
ing that drew their attention to Mr 
Maxwell's movements that night. 

Why did the lady Chltlalne taka 

such a circuitous route on Max¬ 
well’s final overnight voyage? 

Rankin was first told by Maxwell 
that he wanted to be taken to Los 
Cristianos, the southern port of 
Tenerife, where he would fly out on 
his private jet. Maxwell changed his 
mind. Rankin came under orders 
from his employer to “cruise all 
night” because it would help him 
sleep. The log of the Lady Ghislaine 
shows that after leaving Santa Crux 
It set a course for the coast of Gran 

Rankin discovered that Maxwell 
was missing around LLOGam - an 
hour and a half after the boat had 
docked at Los Cristianos. He did not 
alert the international Rescue Co¬ 
ordination centre, in Stavanger, 
Norway, until 12.15pm. The Spanish 
authorities did not learn of Max¬ 
well’s disappearance until l2J!5pm. 
Why did Rankin take such a long 
tiwiA to contact the Spanish authori¬ 

“We had to carry out extensive 
searches of the boat and the imme¬ 
diate area around the port” He also 
piaims that the Spanish authorities 
foiled to record that he sent a crew 
member ashore at Los Cristianos 
soon alter the ship-board search had 
been completed to alert the local 
maritime police. ”I can’t remember 
exactly when that was - around 

At one point they spotted a swim¬ 
mer they thought might have been 
Maxwell Rankin also says he had 
difficulty in malting radio contact 
with the local authorities. 

Why were the inner, sliding 
doors to Maxwell’s state room 
forked after he wait missing? 

On the evening of November 4, 
Maxwell ordered a stewardess to 
Inrk the main gliding doOTS to his 

quarters from within, leave the key 
with him and make her exit 
through the outer bathroom door, 
leaving it unlocked behind her. 

On the morning Maxwell died, the 
main sliding doors were found 
locked from without, the bathroom 
door was locked from within, and 
the heavy steel framed doors lead¬ 
ing to the deck were dosed. Max¬ 
well’s key was missing. Rankin had 
to use a master key to get in. 

Maxwell could not have left 
through the bathroom which had 
access to the outer deck. It could 
not be opened from the outside. 
While it was not unusual for Max¬ 
well to go out on deck in the middle 
of the night, to take fresh air or 
relieve himself, the crew cannot 

Robert Maxwell aboard the Lady Ghislaine. 'Hie last time he was seen alive was on the yacht 

R. Uaiman/Sroma 

remember an occasion when he 
dosed let alone locked the doors 
behind him. 

The Locking of the doors was a 
preconceived act and yet it has 
emerged that the Spanish police 
chose not to consider in their 

Could he have fallen overboard? 

Conditions woe good and the sea 
was calm on the night of November 
4/5. The Lady Ghislaine made no 
sudden movements throughout the 
night, according to Rankin, cruising 
at a constant speed of between 14 
and 15 knots. The Spanish police 
concluded that he lent against a 

wire on the main deck. The wire is 
3ft 6ins, reaching Maxwell’s waist 
They suggest this had a “trampo- 
lin” effect throwing him into the 
sea. No evidence was found of the 
wire being disturbed or even dis¬ 
lodged from its hinges as it might 
well have been by a man of Max¬ 
well’s weight and size. Maxwell was 
6ft 2in tall and weighed 22 stone. 

It would possible for hhn to foil 
over the guard rail on the main 
deck, which is three inches lower 
than the wire, although he would 
have had to lean well over it to lose 
his balance. 

Had he been drinking excessively 

J .■ ^ , 


1 m ^ Mnvpmbar 4 Maxwell asks stewardess to lock sliding doors to his stateroom {A). She does the from the inside, 
htoand flOMOd through the bathroom door (B). 2 He is telephoned by son Ian atll.ispm and Rabbi PeMsh 
v^KSKnberl, a crew member sees Maxwell here looking over the stem rail. 4 4.45am, Maxwell 
andasks tor air conditioning to be turned off. 5 8.00am, approximate time of death given by 
T^tPoitoe believe this Is the point from which he went into the sea. 6 This is where he probably went 
by the poiice (Stoeen plliar and tender) would have been a tight squeere for a man of 

his sire (8ft 2m and 21 stone). His weight would probably have pulled out the tender retaining wire which blocked his way: this 
was still in place and undamaged. He could not have gone through to the back of the boat because on the night that route was 
blocked by a motorcycle fG). ?(n the morning the bathroom door (B) is locked from the inside. The sliding doom to the stateroom 
(A) are locked from the outside and the glass doors to the stem (Q are closed. Maxwell was not in the habit of locking the doors 
and the key has not been found. Where was fee crew? Captain Rankin and two members were in the soundproof wheelhouse (D). 
One member was In the engine room (E). The seven remaining members were in fee crew’s quarters (f?. 

or taking sleeping pills? 

No evidence was found of signifi¬ 
cant quantities of alcohol or drugs 
in his body. His widow said his 
sleeping pills had remained 

Why were there two autopsies? 

The insurers were dissatisfied 
with the autopsy carried out in in 

Did the second autopsy find any¬ 
thing new? 

Yes. The post mortem carried out 
in Israel by Dr lain West, head of 
forensic medicine at Guy’s hospital, 
and two Israeli pathologists with 
tiie family’s approval, found serious 
muscle tear and injuries to the left 
hand and left shoulder. The patholo¬ 
gists believe this suggests that Max¬ 
well hung on to something before 
falling Into the water. These crucial 
findings were not discovered by the 
earlier Spanish autopsy. 

Maxwell could have sustained 
such an injury by holding on to 
prevent himself from foiling by acci¬ 
dent or by trying to hoist himself 
back again. 

But West suggests that Maxwell 
could have also sustained such an 
injury as he deliberately took his 
own life. 

West believes such an injury 
incurred by climbing over the rail 
and slipping while wtni holding the 
rail "One sees this pattern of injury 
on occasions in individuals who MB 
themselves as a result of falling 
from high buildings. While some 
will jump or let themselves topple 
over a baclony or out of a window 
others will actually will ease them¬ 
selves over the edge and hold on for 
a time with one or both hands 
before letting go.” 

Could he have died of a heart 

Maxwell had been suffering for 
years from fluid and respiratory 
problems. He was overweight and 
had been under. some pressure. 
However, one of his le a din g doctors 
maintains that he was “healthy” 
before leaving on his final cruise 
and no traces of heavy smoking. 

Tests carried out by Spanish 
pathologists showed some evidence 
of ischemic myocardial damage- in 
layman's terms, his heart muscles 
were damaged due to lack of blood. 

So how did Maxwell die? On the 
evidence available both murder - 
for which there i£ no physical evi¬ 
dence - and a heart attack as a 
gfagte cause of death can probably 
be ruled out 

This leaves one of two possibili¬ 
ties. Maxwell either fell Into the 
water by accident or he committed 
suicide. Neither can be ruled out on 
the basis of the forensic evidence. 

' The verdict then rests on Max¬ 
well’s behaviour, his state of mind 
and the looming catastrophe he 
would have to face if he returned, 
suggest that he killed himself. 


T he relationship between 
landlords and tenants in 
the UK is being strained to 
breaking point At a time 
of recession, the workings of the 
institutional lease - 25-year leases 
with upward&only rent review - 
is seen as unfair, archaic and Infla¬ 
tionary by tenants throughout 
England, and Wales. 

Now the gauntlet has been 
thrown down by tenants. Busi¬ 
nesses have been encouraged by the 
glut of empty commercial space and 
their own recession-induced finan¬ 
cial pressures to challenge the sys¬ 
tem openly. The landlords are 
defen ding a leasehold structure that 
provides secure flow of income, 
thus underpinning the value of 
property and so the finances of 
institutions, property companies 
and han ks which lend to the sector. 

Critics argue that the easting 
system damages the economy by 
allowing landlords to profit at the 
expense of tenants, many of whom 
are already struggling under the 
burden of recession. “Landlords 
continue to make money In a reces¬ 
sion and in doing so they serve to 
deepen the recession," says Ur 
Giles Henschel of the Covent Gar¬ 
den Business Group, which repre¬ 
sents local businesses. 

Some economists believe that the 
institutional lease distorts the let¬ 
ting market in the way that unions 
are seen to distort the labour mar¬ 
ket Lettings on new leases, which 
account for just 4 per cent of the 
market are the only part of the 


New lease of life in landlord-tenant fight 

system that function smoothly. 

According to Professor John Bur 
ton of the European Business 
School, rents are dictated by legal 

case of industry satisfaction and 
institutional desire being put before 

and institutional factors, making' the customer. Very few other indus- 

them “impervious to market 
fences". This “constitutes a ‘core* 
inflation problem for the British 
economy as a whole,” he says. 

But the debate about leases goes 
beyond academic concern. For the 
structure of leases is having a criti¬ 
cal impact on many businesses. 

Last month, Tandy, a multiple 
retailer, closed down a profitable 
store in Chatham. Kent, because it 
could not reach agreement on the 
lease. “We are mairing & stand," 
says Mr Barry Liddle, chief execu¬ 
tive of Tandy. "If we have to lose 80 
or 40 stores 1 am willing to do that. 
If not, nothing will change.” 

Tenants are demanding the fol¬ 
lowing changes; 

• An end to 25-year le ases. Criti¬ 
cism of such long leases was 
recently voiced by Air Andrew Bux¬ 
ton, chief executive of Barclays, 
which rents a large amount of prop¬ 
erty across the UK. “Twenty-five 
years leases are required for financ¬ 
ing purposes or perhaps to satisfy 
the institutional desire for long 
investments, but how many busi¬ 
nesses plan 25 years ahead?” he 

“At the moment it is a classic 





All Properties 

Year to April 92 





Quarter to April 92 





Month of April 92 




0.2 ■ 

By Vanessa HonMer 

Imminent Property Da&toan* 

tries can take such a- complacent 
attitude,” ha adds. 

• An mid to upwards-only clauses' 
in rent reviews. Tenants argue that 
the upwards-only ratchet is infla¬ 
tionary and unfair to te nan ts at a 
time when rents should be falling. 
Boots, the chemis t, recently won a 
court battle over its refusal to 
accept an upwards-only review on a 
retail property in London centre. 

• An end of privity of contract, 
which allows landlords to claim 
unpaid rent from previous tenants. 
The controversy about tenants’ con¬ 
tinuing liability has come to a bead 
over the past year as unexpected 
bills for rent due on former prem¬ 
ises have pushed many straggling 
companies into re ce i ver s hip. : 

The case for reform has been pro¬ 
moted by Sir John Banham, direc¬ 
tor-general of the Confederation of 
British Industry. “Small businesses 
are being forced Into bankruptcy 
through no fault of their own,” he 

• A change in the way rent 
reviews are determined. Critics say 
that reviews are often unreasonable 
because they ignore vacant prop¬ 
erty, the state of the economy and 
the ability of tenants to pay. 

Professor Burton believes that 
rent review disputes should be 
resolved by the Lands Tribunal, 
with members drawn from both 
sides of the commercial property 
iaa«dng market. 

Mr Henschel of Co vent Garden 
Business Group rfiaiiima hh« system 

Tandy closed a store because it could not agree on the lease 

because decisions are made at arbi¬ 
tration by surveyors, who may have 
a tendency to favour landlords. “No 
surveyor will put his neck on the 
line because future business, 
depends on his ruling. I would like 
to see a parliamentary review of the 
whole system." he says. 

• An end to confidentiality 
clauses. If rents are to be set accord¬ 
ing to recent deals in a particular 
area, there should be greater open¬ 
ness about those deals, perhaps 

through a national rent register. 
“Confidentiality clauses inflat e mar¬ 
ket levels,” says Ur Henschel. 

Some aspects of the commercial 
property lease are likely to yield 
under this pressure. The Lord Chan¬ 
cellor, for example, is expected to 
recommend a change in the law on 
privity of contract Tenants would 
no longer be responsible for the 
rent owed by their successors for 
the duration of the 25-year lease; 
Instead they would guarantee only 

their Immediate successor. The pro¬ 
posals would probably only apply to 
leases that were assigned after the 
legislation came into force. 

“This is in the spirit of a good 
British compromise," says solicitor 
Mr Steven Fogel of Titmuss Sainer 
& Webb, who was on the Law Com¬ 
mission’s working party which rec¬ 
ommended a change in the law. 
Bankers are concerned, however, 
that a change would make property 
finance, which relies heavily on the 
quality of a tenant's covenant, even 
more difficult to secure. 

Market pressures alone are forc¬ 
ing some landlords to accept shorter 
leases and break clauses in heavily 
over-supplied markets such as the 
City of London. Some institutions 
make a virtue out of necessity when 
accepting a 15-year lease on the 
grounds that a building often needs 
refurbishment by that stage any¬ 

But most property owners are 
uneasy about changes to the lease 
structure. They fear that yields 
would be pushed up to compensate 
for the diminished security of 
income, with severe effects on the 
property industry and banks. 

The Prudential, one of the largest 
UK landlords, will fight any 
changes to the 25-year lease, says 
its chief executive Mr Hugh Jen¬ 
kins. “Only as a last resort would 
we give up long-held terms of trade. 
In this market we would rather let 
the rents take the strain than start 
monkeying around with lease struc¬ 
tures,” he said. 

Landlords argue that tenants 
should take the rough with the 
smooth, having enjoyed the benefits 
of a system that gave them artifi¬ 

cially low rents during much of the 
1980 s and the rights to assign their 
leases at large premiums. They 
believe that tenants will stop clam¬ 
ouring for change once an economic 

recovery gets under way. 

“During the 19S0s a lot of tenants 
made a fortune from selling their 
leases ” says Mr Peter Hunt, chair¬ 
man of Land Securities, the UK’s 
biggest property company. 

The abolition of privily of con¬ 
tract and upwards-only review 
clauses would be a set back to the 
industry and ultimately the econ¬ 
omy as a whole, adds Mr Hunt If 
such changes took place, pension 
fends would be less likely to invest 
in property with the result that 
yields would rise, new develop¬ 
ments would be constrained and 
ultimately rents would go up. 

The counterargument is that the 
rigid institutional lease has inflicted 
damage on tenants and the econ¬ 
omy and, in the end, on the prop¬ 
erty market itself. 

Tenants have been put under, 
extra pressure to the point where 
they have been put out of business. 
Long leases have made landlords 
complacent and neglectful of their 
customers. Lease inflexibility at a 
time of felling rents has prevented 
tenants from assigning their old 
leases and so created a huge over¬ 
supply of new buildings in areas 
such as central London. . 

Apart from the changes concern¬ 
ing privity of contracts, these argu¬ 
ments are ultimately likely to be 
settled by the relative strengths of 
landlords' and tenants. The opti¬ 
mists say that the concessions 
wrested by tenants will only last for 
as long as property is m oversupply. 
Tenants, however, are determined 
to cling onto any gains they make. 
They are not merely seeking 
short-term advantage; they wish to 
change the Industry for good. ' 





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3 Paris Place, London 
Tel: 071-629 5051 
Fax: 071-4090419 


South Audley Street Superb 
self-contained office accom¬ 
modation TO . LET. 
Totalling 3,500 sq ft or 
available in suites, 1050,. 
1550 and 900 sq ft. Long 
lease or short lets available 
at rentals averaging £23 per 
sq ft Immediate possession. 
Apply 071-409 2377. 


071 629 9292 


Self-contained office 
building situated in 
quiet mews (640 sq ft 
approx) plus double 
garage. Flexible lease - 
low rent. 

Tel 071-723 9198. 

\ i • 


0602 588777 




400 - 3500 Sq Ft elegant 
period offices 
overlooking quiet 
gardens. New leases. 
Rents from £10.50 psf. 
Tel: 071 499 0866 
Ref: MD 


International auction of 
U.S. Commercial Real Estate 

The Largest Selection of Prime 
Commercial Properties Ever Offered 

This collection of income p roper ti es located throughout major 
US. markets Indudes 30 office buildings, 7 retail centers, 

13 apartment buildings, 9 industrial buildings, 8 hotels and 
resorts, a movie theater and landmark restaurant 

Most properties have high occupancy rates and are Income 

ffi financing available for most properties 

■ 114% Broker cooperation offered 

■ Local representatives available for each property 

For more information and a free auction catalogue 
caU (310) 399-0777 U.S.A. & Canada 
(852) 846-5000 Asia (Hong Kong) 

(4471) 493-6040 Europe (London) 9 AM to 6PM 
Request Auction Catalogue #6582 
Property Specific due diligence packages ($125) available upon request. 

Auction to be conducted on August 13, 

1992 in Los Angeles, California 

KF. A \' ; JY- Vv 1L >< ;iN. I(' 

in Prague: 

PoBHckfch vSzrtu 12. 
Office buDdlne, city 
centre, bock-street of 
Wencestas Square, 
unoccupied, parking 
tots* 4,085 sqm 
commercial- and office 
space, very good 
condlttoa price: 6 Mtofi. 


Wl» Dew open immoblllen 


Tel. 0042-2-2354789 
Fox 0042-2-2354790 

Northern France 
Paris 115KM 

Unrivalled development 
opportunity for an 
international hotel/ 
conference centre at a 
16th Century chateau in 
30 acres of grounds. 
Consents for 120 beds 
and conference facilities. 
Price guide 3.2 million 

Full details contact sole 
agents G.A.K.. Williamson 
& Associates, French 
Properly Consultants, 
Airesford, England. 
Tel/Fax UK 0962 734999 


axel. modem on highway 
Nuremberg/Wtbzburg. 75,000 
sq. ft. usable floor space. 
3,570 acre imm. urilizable. 
Easily eqaipablc. Excl. 
furnished. S9.4Mk>. For Sale 
by J. Hofmann building 

Tel. 449-9123-14523 
Fax 449-9123-14527 

f RING > 

V 0952-293262 / 

Designed for 




Substantial Freehold 
Nursing Home/Hotel, 
21 beds V.P. For Sale 
by Auction in London 
on 10th July, 1992. 

Stickley & Kent 
071 485 3311. 


Urban development of 25 acres FOR SALE. 

Building permission for 41 lots is granted. 
Unique site on the hill slope overlooking the 
coast of FARO. Rare opportunity for 
developers or investors since Portuguese law 
changed recently. 

Please write to Box no A 1818, Financial Times, One 
Southwark Bridge, London, SE1 9HL 

OfTIce/Ware bouse 

complex for varied use. Office 62,000 sq. ft. Warehouse 119,000 sq. ft. - 
3^50 acres. Modem equip, good location. Partial acquisition posable. Floor 
wfliMdoo accord, to agreement* S 11J Mio. For Sale by J. Hofinaau 

TcL 449-9123-14523 



The Financial Times proposes to publish this 
survey on Friday 17 July 1992. 

Please call Wai-Fung Cheung on 071 873 3574 
for advertisement details. 



Dale of Issuance 
Loan No. 

Order, No. 


1. The TURKISH ELBCmCITy AUTHORITY (1BQ has iscalwd a tom feom 
the TEK Restructuring Project Fund of the World Bar* (Loan fow 3345 - 
TU) in various currencies awards the cost of Thermal Paver. Plants 
RehabBkation Project and It is Mended that port of fte proceeds of Iris 
tom wfl tie eppled so eBgtote payments under the Corrtracqs) tor which 
this imtafon for Bids is issued. 

2. The TURKISH ELECTRICITY AUTHORITY (TEK) now invites eeeied Bids 
from sBtfbto Bidders tor the conver s ion of ThngMek Paver Plant units 4 
and 5 from intfirect Brins sysiam to a drect system. 

3. Imarasted elgtble Bidders may obtain farther JnJbmutfwt from and Inspect 
he BkUng Documents «the Office oh 

General Management 
tetotmeve Baton DaireaJ 

Saneaifer Estetme ve Baton • • 


Inonu Btfvarl Noj 27 Kat14 
BahceBevtar - Son Durak . . 


Phone: (90) (4) 2229888 

Telex: 42Z45Mfctr 

Fax: . 90-4-2138870 

4. - A complete set g( Bidding Documents may be purchased by any Interested 

elgSde Bidder on die submission of a written application to die: 

, General Management 
Heart WarDofreri 

Inonu Buhorl Ho- 27 Kaci 
Bahcsiwrtor-Son Durak 

and upon payment of a non-refundable fee ol $250 US Dollars or 
t .700.000TL at 8n toSowing addmss: 

General Management 
Muhasebe Dairesl Baskanigt 
Inonu BtAari Noj 27 Kac 4 
Bahoaflevtsr-Son Durak 

Those Bids Mixn&ad by tie Bidders who did not purchase to Bidding 

Document shall be rejected. 

5. AHBktemustbeaocompaniodby a Bid Searity of not less tanS* (three 
percent} of the Bid price and must be delivered to the Mowing address: 

General Management 
Heart later Dalrasi 

Inonu BulvariNo-27 Kaci 
Bahceievfer - Son Outsfc 

On or before f2A0 hours on 1&S.1982 ox! Btdswi be opened 

6. Bids wffl be opened In the presence of Bidders' representatives who 
choose to attend at rie foSowrig address: 

General Management 
hale veSaifii Alma 

Komtsyonu Baskardgi 

InflnQ Butari No.: 27 KaC 27 

btfaaHfokaoMafJMks Na 00 * 6*2 of 19*2 


• Aim 


Names n hereby atvnt ** a» <mm «r 
dw H* Cm of Mo (Ousflwy DSvMm) 

tkted lOfcJroo 19*2 for 6m cafniiriSm of 
redaction et |S» c*p!&d of ibo 4bo**-BUio4 

flu MSbpb q p mul bf tm C— *M*S$ wte 
mmaocs xo *e cm>M of ihiC myy m rfiwd 

BBShaod Act «m nsbwd of ■* HI mill 1 111111 m * 


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KwarmuseuM amo kvnstiwue Bmv 

Switzerland, transform PIMurO oojoet 
Sculpture In Uia atm century ul . 
27 J.1992. Dally 10-17 K. 




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kh Gibson doos not 
hawe an office. The 

Qian who , manages 
4000 people at Nis¬ 
san .in Sunderland 
sits on a wooden 
chair at a small 
desk in a big open- 
plan space. He 
we jtts a aid-blue 
rr qpFiCE uniform with the 
» . . Nissan logo on one 

lapel and a Queen's Award for 
Sports badge cm, the other. From 
he works he can see soweauf 
ident ical desks, and chairs occupied 
by identically-clad people. 

only sign that <2bsoa is the 

boss Is the couple of extra feet of 
space that surround his desk. 
Everything else' -about: Him 
appearance, conversation, what he 
eats and'where he paries hts car — 
shouts the same ftf jfiggan 

privilege is out; equality arid acces¬ 
sibility are in. 

Gibson reckons that Nissan has 
outdone the Japanese at th«ir own 
game . With relish he exp lains how 
the first MD — a Ja panese — had 
bis o wn office. But once he left, the 
British directors decided to move 
out with everyone else. 

“In Japan there is a more layered 
culture," he says. “We get a lot of 
resistance from our Japanese visi¬ 
tors - they feel more comfortable 
in a private room." For them and 
for the more sensitive of the politi¬ 
cians, suppliers and customers who 
make the journey to the Sunderland 
car plant, there is a private meeting 
room. This contains a pfaHi table 
and a sofa and chairs, arranged in 
formal Japanese fashion. 

Gibson views such private ses¬ 
sions as a dieter would regard a 
cream cake. "I don't like to give in 

S tress was once thought to 
affect only top executives, 
who had Important jobs and 
stomach ulcers to prove it But 
then ps ychologists discov ere d that 
people further down the 
occupational ladder were even 
more stressed than those at the 

-The floodgates opened and 
researchers started describing 
stress in taxi-drivers, stockbrokers, 
policemen, doctors and even in 
vicars. Far from being ashamed 
that they felt under pressure, 
people began boasting about the 
stress in their professions. 

Academic research has now gone 
a step further: increasingly it 
shows that although some jobs 
are stressful, certain typbs of 
people survive, while others have 
problems. “ 

> The idea is that factors within 
the indivUual are as important 
as ones rdated to the Job- Some 
researchers put it down to 
personality, others to early - 

Lucy Kellaway shares a sandwich from the canteen with 
Ian Gibson, the man in the driving seat at Nissan 

Bringing equality 
into the open 

to the visitor syndrome," he says. 
*lt is very easy to lay on lunch in 
the visitors’ dining room, but I pre¬ 
fer to-talk to them out here, and 
take them to lunch in the canteen.’' 

The British subsidiary has also 
taken a stand against the cult of the 
personality. Two small photographs 
of the chairman and managing 
director of the Japanese parent 
company are barely tolerated in the 
otherwise unadorned visitors’ room. 
“We may be able to get rid of them 
soon,” Gibson 3ays. In the annual 
report there is no picture of the 
managing director, his statement 
does not even bear his name. “I do 
not like glory hunters and do not 
want to be one,” he says. 

Indeed, Gibson is so self-effacing, 
and so intent on promoting the 
team that he tends to reply in the 
plural, whatever the question. What 

does he think of the nniflm- mw and 

the open plan space? “For the first 
six months, most people said it was 
difficult to adjust to the open plan 
office," he replies. “But we all liked 
the idea of the uniform as ft shows 

we are trying to be more equal” 

He - or rather they - did draw 
the line at the company song and 
company exercise sessions: “We did 
not feel comfortable with that”. 

What about personal effects? 
Wouldn't he like to have a few of 
his own things on his desk, which 
by company rules has to be cleared 
every night? No, he says, he has 
just what he needs. 

H e moves over to the desk, 
(which he makes a point of 
never sitting behind when 
he has visitors, using instead a 
plain table surrounded by four 
chairs), and indicates a modest col¬ 
lection of belongings. “There's a pic¬ 
ture of me missus, a clock given out 
when I was at Ford, my pipes, ash¬ 
tray - that's about it." 

To anyone used to working in 
complicated hierachies with colour- 
fill characters and pushy egos, there 
could seem something a little bland, 
depressing even, about Nissan’s 
well-regulated atmosphere. 

In the entrance lobby area are 

notices declaring the group's deter¬ 
mination to cherish its people and 
certificates extolling its tr a i nin g 
policies. The reception area doubles 
as a co mmunal meeting room with 
little tables and chairs. At one, the 
lady in char ge of the lavatories is 
talking disinfectants with a sup¬ 
plier. Upstairs everyone is quietly 
getting on with their work. At 
Hinehritne many of the workers do 
what the boss hims elf does, and 
pick up a couple of c ant e en sand¬ 
wiches to eat at their desks. 

rahsnn works hard, and expects 
others to do likewise. His office day 
starts soon after 7am, and would 
continue until after 6pm, were it 
not for his charitable work. This 
means about two meetings a week 
for Business in the Community, 
universities and local charities. 

To help him , his he has one secre¬ 
tary, who spends much of ter time 
heading a “kaizen” group on contin¬ 
uous improvement in Nissan's 
administration. The phone rings 
and as the secretary is not there, he 
answers it himself. With no unnec- 

lan Gibson: ‘I do not Uko glory hunters said do not want to bo one* 

essary preliminaries, he asks what 
it costs to sponsor a race. 

Those who t hink that the effi¬ 
cient. caring set-up at Nissan 
sounds too good to be true would be 
heartened by a book* published this 
week arguing that it is a sham- the 
company is taking advantage of 
high unemployment to extract more 

than its pound of flesh from its 

Gibson shows no defensiveness at 
the mention of the book. “I don’t 
know how to put it..." Always 
understated, he is being particu¬ 
larly carefuL “They wrote the book 
without ever coming here. If you 
read it, it is about political class 

How stress can make you tick at work 

Jenny Cozens explains why some people can cope well with pressure while others crack up 

experience, and some are even 
looking for the job satisfaction 

This new line of research 
emerged In the 1980s, striking a 
chord with the general emphasis 
placed during the decade on the 

Host of the studies have followed 
people over a long period of time 
to see how they feel about their 
jobs, to assess their symptoms, 
and see what effect life events like 
marriage «nd relocation have had. 

One US study using 10 years of 
survey data on almost 5,000 mm 
and women looked at the effects 
of major life changes on well-being. 

It found that individuals* scores 
werefefrty constant over time, 
even when they had been through 

stressful events, like changing jobs 
or partners or moving house. 

The research does not doubt that 
most of us feel bad as a reaction 
to things going wrong or to being 
under severe pressure. Instead, 
its message is that the majority 
find it relatively easy to adapt to 
these rfmng ws , but the rest will 
react with symptoms of stress. 

A review by two American stress 
researchers looking at a number 
of studies of life stress - 
occupational or otherwise — 
concluded that around 25 per cent 
of the population was chronically 

Anot her long-term American 
study found that teenagers’ 
dissatisfaction with their jobs 
correlated closely with how the 

same people saw their jobs when 
they were in their fifties. 

An employer's natural response 
to this new body of research might 
be to page the in-house 
psychologist to identity the 
stressed workers with a view to 
firing them. Once that small, 
dissatisfied group had been 
removed, the boSS COUld than malta 

the job as difficult as possible, 
knowing the rest could take ft. 

It is not as easy as that While 
some people are more susceptible 
to stress than others, stressful 
aspects of the environment do lead 
to poorer performance and 
mistakes, whoever Is doing the 

A recent study of banks In the 
US found that the attitudes of the 

counter staff in any 

branch were closely reflected by 

the attitudes of the customers. 

So tf the bank clerks were 
unhappy with the personnel policy 
of the h- branch, rt»T« was reflected 
in the customers’ attitudes about 

Moreover, stressed people 
sometimes have other attributes 
that the organisation needs: a 
recent study of junior doctors 
showed that those who were 
chronically stressed over a couple 
of years had more empathy with 
patients than the c heerful lot. 

There is plenty of evidence that 
providing psychological help 
within the workplace, as the Post 
Office and some commercial 
organisations have done, reduces 

the symptoms, improves job 
satisfaction and discourages 
absence. A recent study by 
Professor Cary Cooper and his team 
from the University of Manchester 
Institute of Science and Technology 
found that absence fell by 50 per 
cent on average for those who had 
attended the Post Office 
counselling service. 

- There Is also evidence that 
introducing a more general stress 
management course - one that 
reaches cheerful employees as well 
as those who might be more In 
need - reduces mistakes. For 
example, an American study looked 
at 67 hospitals and found that the 
nnmber of litigation suits for 
malpractice was related to levels 
of stress in the employees. When 

struggle... I believed that was 
something that had died out in Brit¬ 
ish industry.” Maybe it has at Nis¬ 
san, but then Nissan will waste no 
time in telling you that it is ahead 
of the game. 

•The Nissan Enigma by Philip 
Garrahan and Paul Stewart Man¬ 
sell Publishing 

they introduced an 
organisation-wide stress 

manapmBn t p ro gramme , drug 

prescription errors were halved 
and litigation suits fell from 31 
in one year to nine the next 

In a recent study that I 
conducted with a colleague looking 
at change in attitudes after 
therapy, we found that not only 
did people’s symptoms fell after 
therapy but they also liked their 
jobs more. They enjoyed being with 
their colleagues more, felt much 
more competent and felt their 
workload was less demanding: 

They were even more satisfied with 
their pay. 

Not everyone reacts to their job 
in a way which makes them 
stressed. What matters is that 
difficult jobs continue to be be 
improved, and that the people who 
find themselves affected are given 
the help they need, wherever it’s 

The author is a consultant 



, 'V' * ■> 



disposal. Prcsetfliy snbeidiflry of 
family owned group who are 
reorganising activities. Location 
Devon. £200K working capital 
injection required fiora. 
purchaser. Going concern with 

plCOSp»4b« Offers negotiable 
around £5GK far company. 

Ini rial prospectus available to 
serious enquirers who provide 
details of their interest. 
Write to Box A4071,R n a n riat 
Times, Ooo Southwark Bridget 
London SE19HL 




Of solvent and insolvent 
companies ; for 
sale.Business and 

Tel 071 262 1164 
(M on - Fri) 


Omuimdt Number 1239791 Ro*i*tcraJ la 




UoUaBSTia 30 tm 1991 - 1 O 30 md 


anui Bor. U ll tbtakJ tto, 

(fedbW W <” bp** t* A 

or her WML Hhawnew tei 

emu Jv on 

Active Memory. 

Technology Ltd (In Receivership) 

Reading, Berkshire 

The opportunity has arisen for the actpristtlon of the 
business and assets of AMT (HofcGngs) Limited (hi Receiver¬ 
ship] and Active Memory Tbctmotogy UmftBd (to Recehwaftlp). 

The principal featnres ofttie business are: 

• Leaders in the tectinokjgy of rnassiveiy paraSe) compirters; 
•ttghty skilled and Internationally respected systems 


• bKsflsctual property rights and know-how: 

• Maintenance badness turnover £350,000; 

• Significant large value order potential; 

• Modern leasehold premises In Rinding; 

• Whofty owned US business and manufacturing plant 
Fordetafis pfeasa contact Tha JofeftAdmHs&sUve 

Rscaivet MD Gercke FCA of Price watartouse, Thames 
Court, 1 Victoria Street, URndsoi; Berkshire, SU1H8. 

Tat (0753) 868202. Fax (0753) 833528. 

PHceJfiiterkouse e 


Independent Software House 
BS 5750 Registered 
T/01991 c. £500k 

Please write » Box No. A4076, Financial Txmea, 
One Southwark Bridge, London SEl 9HL 





The Monopolies and Mergers Commission would like to 
hear foam any person with Information or views on the 
acquisition by BM Group PLC of Thwaltes limited. 

The Commission will be considering whether the 
acquisition raises competition concerns in the market for 
the supply of site dumpers and whether the acquisition 
may be expected to operate against the public interest. 

The Commission would like jMdence in witting by 3 July 
1992 to be sent to: Mr JJL Battersby. Reference Secret ary 
(BM/Ibwaltes). Monopolies and Mergers Commission. New 
Court. 48 Carey Street. London WC2A 2JT. 


Appear in the Financial Times 
on Tuesdays, Fridays and Saturdays. 

For further information or to advertise in this section please contact 
Meianie Miles on 071 873 3308 


iuumi unmiii Hiwwm 

.. C&JH Precision 

Engineering Company 

^ (In Receivership) 

1 Worcester h 

i vJj 

The business and assets of the 
above general subcontracting 
precision engineering company are 
for sale. 

• Freehold property available 

# Annual turnover approx £0.#M 

• Skilled workforce 

# Established over 20 years 

For further details contact the Joint 
Administrative Receiver: Roy 
Webby, Grant Thornton, Enterprise 
House, 115 Edmund Street, 
Birmingham B3 2HJ. 

Td: 021-212 4000 Fax: 021-212 4014 

Grant ITiomton S 

The ILK. member firm d Grant Thornton Inter n trkxtj i. 
Authorised by die Insoroie o£ Chartered Aoco wn t m B m 
Engtwrd and Wales to carry oo bwa mrnr beans*. 


3 rV 



The Adsi ui t ria flre geerireti offer for tale the b i fa rrn «ed swat* of 
*T ft MrtmlnfjIheltril ■mifuimnrnfliljk(rrhnntnpcapital 

• As aea l Catwr a p y o aimaty £14 i 

• Cosadttcd, tfcfied wodrftHC*. 

• Bbs chip cattom tme. 

• Large saxfcet ffcarc. 

• Order book SMMOpias. 

For Bather Mooeattoe please t 

Dffip Dxttxnl 

BOO BJeder Handy*, 

206 Derby Road, 

IfctepiUMie! 0682 4153 U 
Frc 0602 410193 




Bail lie Longstaff Limited 
and subsidiaries 

(In Administration) 

The Joint Administrators, D. L. Morgan and N. R. Lyle, 

offer for sale the business of BaiUie Longstaff. 

Bailiie Longstaff Limited 

□ Insurance intermediary for household and motor 
insurance, and extended warranties on electrical 
household appliances. 

□ Client base includes agreements with mail order 
companies to provide cover for their clients. 

□ Turnover in 1991 £1,040,000. 

CIS (UK) Limited 

O Insurance intermediary for household and motor 

□ Clients consist of customers of the mail order company 
Grattan PLC. 

□ Turnover in 199! £420,000. 

LBGSUfl) Limited 

O Insurance intermediary for household and motor 

□ Sole client is Lloyds Bank Group Staff Union for the 
last 10 years. 

□ TUmover in 1991 £220,000. 

For further information please contact Andrew Brannon or 
Ann Quartern) ain at the address below. 

PO Box 810, Friary Court, 65 Crutchcd Friars. London EC3N 2NP. 
Tel: 071 936 3000. Fax:Q7! 480 6958. 

ArtfaMhcd by ite taniiutt of Gartered AccowunB io Engteid md Walo to evty oh larcaaciM Bunns. 

Chartered Accountants 

Aatharitgd by tht Inoiaae cfCiarterai Acctaattmu in Engkaul 

and Water to carry on imetonqu buthuva. 

High precision piastic moulders, well 
established, modern plant, good technical 
expertise, with well known customer list 
For sale due to the family wishing to retire. 

For tortwr detefe write to: Box A4072, Rnandal Timas, 
ftno 4nithiml RiUna I rmrinn SP1 M-fl 




Long established Sooth Coast 
oompwiy occupying its own freehold 
Coma, turnover £25M 
w&h growth po ftwal for £*M pins. 
PLC dieat base wife forward order 
book. Cbinpanyfeefiflg effects* 
high tarot i*cs and recession bat 
Wdl poised B tdee fall advntege of 
recovery fa economy. 

Replies in GaaCIttee to Bos A4068, 
pmuoialTnea, ODoSoetfawatfe 
Bridge, Loafcxi SEl 9HL 


Established * Profitable * City Based 
Price £400,000 

Principals only to Box A4074, Financial Times , 
One Southwark Bridge , London SEJt 9HL 




Worth Watching - Paul Taylor 

Fax machine for 

the globetrotter 

Globetrotting executives can still 
face telecommunications 

problems once they step off the 
beaten path. It is not e asy, f or 
example, to send a fax from a 
Tibetan if mnwtaiwwtiig or check 
the head-office flatabe*” from 
deepest Africa. 

But portable global 
communication Is now a reality 
for travellers in areas of 
unreliable or non-existent 
co mmunicatio ns. 

Inmarsat C mobile satellite 
earth stations, supplied by 
UK-based Applied Satellite 
Technology, work with portable 
personal computers and use the 
geostationary Inmarsat satellites 
to provide two-way telex, fax 
(send only) and other data 
communicatio ns from anywhere 
In the world. 

The briefcase-sized Nomad 2000 
weighs 5kg and takes just 
minutes to set op using a 
directional antenna. It works 
with any MS-Dos compatible 
computer transmitting at a speed 
of 600 bits per second and can 
send data for 30 minotes or 
receive for 60 minutes using its 
internal batteries. 

The Nomad 2000 costs £6,790 
and can be supplied with an 
optional £1,300 laptop computer. 
Applied Satellite Technology: 

UK, 0603 427434. 

Immune system 
battles stress 

Peeling ran down? Researchers 
at Utrecht University now think 
that proloi&ed acute stress could 
weaken the body's immune 
system, making It mote prone 
to illness. 

In their study the researchers 
subjected secondary school 
teachers to stress by asking them 
to solve an impossible 
three-dimensional puzzle under 

a time constraint, flie volunteers' 
white blood cell count was taken 
immediately before and after the 
stress test In some teachers the 
number of natural killw cells 
had risen considerably by the 
end of the test but returned to 
normal within 30 minutes. 

Although it Is difficult to draw 
conclusions the researchers 
believe that the number and 
intensity of stressful events have 
a negative effect on the body's 
resistance. In the long term this 
could Increase the chance of 
infections. Utrecht University 
Academic Hospital: The 
Netherlands; 31 30 507680. 

Spreadsheet keeps 

itself fit check 

ONE of the chores of building 
a computer spreadsheet is 
checking that the data has been 
accurately entered. Reading the 
□umbers back to a colleague is 
both time-consuming and tedious. 

But Temair Software, based 
in Rhode Island, has developed 
a software package called 
Spreadsheet Echo which enables 
the computer to read Lotus 1-2-3 
spreadsheet numbers back to the 


The software will read back 
a range of numbers either by row 
or column, can be told to pause 
between cells, and speak In either 
a male or female voice. The user 
can also set speed or volume 
levels and listen through the 
computer's internal speaker or 
through headphones. 

The programme, which costs 
$99.95, is also multilingual. 

Temair Software: US, 401454 

the golf cart 

Who says there is no point In 
reinventing the wheel? Hugh 
O’Neil has done Just that with 
a revolutionary golf cart which 
features slits on the outer rim 
of the tire. They follow the 
contours of the ground, changing 
shape from a round to an oval 
as they traverse. 

The result is a machine which 
can go anywhere in extreme 
weather conditions but which 
.exerts about a quarter of the 
pressure of an average man’s foot 

The three-wheeled Elite golf 
cart Is battery driven, carries 
one person at 14kph and costs 
£1,800. Elite Golf Products: UK; 
0306 743945. 

the border lines 

Europe’s cellular phone network is poised to cross 
national frontiers, writes William Dawkins 

G ood news is on the way 
for car telephone users 
in Europe who find their 
phones stop working as 
soon as they drive over a national 
border .into ah incompatible net¬ 
work. - 

From the beginning of next 
mo n th , the first 1 commercial mm . 
pies of a new generation of cellular 
telephones, able to receive and 
make calls anywhere In Europe, 
come on sate in France and Ger¬ 

They are based on a common 
European standard, called GSM 
(Global System for Mobile Commu¬ 
nications), to be phased into fuQ 
operation over the next five years in 
the 17 countries that have agreed to 
use the GSM norm. The current 
patchwork of six conflicting 
regional systems will, for the time 
being, continue alongside the new 

It is no surprise that France and 
Germany are the first to introduce 
GSM. They badly need to catch up. 
A large number of businessmen and 
women cross their long frontiers 
regularly and yet both countries 

have among the lowestuse of cellu¬ 
lar phones in Europe, well behind 
Britain, Switzerland and the Scandi¬ 
navian countries. . 

GSM, a digital transmission sys¬ 
tem, is radically different from the 
current analogue generation in that 
it delivers ultra-dear sound and a 
range of clever functions. In addi¬ 
tion, a GSM phone can be plugged 
into a fox m ° r * 1 * T i R i a computer or 
even a teletext terminal like 
France’s Mini tel system without a 

Each subscriber has a smart card 
which stores personal information. 
This is slotted into the phone to 
make it work. The card, rather than 
the terminal, contains the subscrib¬ 
ers’ telephone number and tells the 
operator where to send bills. If nec¬ 
essary, a subscriber can leave his 
phone at home and rent or borrow a 
portable one, whether in a taxi or 
someone else's office. The card can 
also be programmed so that calls 
can be forwarded. Incoming calls 
can be held while the phone is 
engaged, and outgoing or Incoming 
calls can be barred. 

Baptised “Itineris" in France, the 

system is being launched by France 
Teldcom in Paris and Lyon from 
July 1, with the German system to 
fallow a week later. France Tei&com 
piafl g to cover three more cities by 
the end of the year and 90 per cent 
of France by 1995. SFR, the French 
private sector cellular phone opera¬ 
tor, plans to unveil its own GSM 
system shortly. 

Itineris phones, initially supplied 
by Orbital, Nokia and Motorola, sell 
for between FFr10,000 (£1,000) and 
FFr15,000, slightly cheaper than 
existing cellular phones. Prices 
could even halve In the next five 
years as European sales grow and 
allow the producers of terminals to 
achieve economies of scale, predicts 
Marcel Roulet, president of France 

Clearly, it is too early to say how 
Itineris will go down with the 
French public. The coming year will 
be for “technical evaluation’*, with 
commercial takeoff likely in 1993, 
believes Roulet. 

Already, technical experts point 
to two possible improvements. 
Some users, they fear, might be baf¬ 
fled by the big choice of functions. 

so some form of automatic guidance 
would be desirable, like the help 
function on a computer program. 
Second, because equivalent chips on 
GSM smart cards and existing 
French telephone charge cards are 
positioned differently, it will be 
impossible in the future to use the 
same bit of plastic for both. 

However, GSM should avoid the 
capacity limits imposed by the 
shortage of radio frequencies, which 

affects the two analogue networks, 
France Telecom’s Radio 2000 and 
SFR. Instead, digital technology will 
increase capacity in the European 
countries that have applied the 
standard to 20m. compared with 
just 3.4m subscribers now. 

On the strength of this, France 
Telecom believes that around a fifth 
of its income from telephone 
charges will come from cellular ser¬ 
vices by the end of the decade. 

Computer takes on a mind of its own 

Steven Bntler says the ‘ thin king’ machine is a little closer, to becoming a reality 

A computer that does not 
need software to tell it how 
to perform a task appears to 
be a contradiction in terms, but that 
is what Ricoh, the Japanese office 
equipment company, unveiled yes¬ 
terday in Tokyo. 

Don't start erasing software flies 
from your computer just yet. 
Ricoh’s experimental neural com¬ 
puter - so called because it imi¬ 
tates human thinking processes - 
can only learn 16 characters at a 
time, even though it is put together 
with microchips that are blazlngly 

This is indeed a primitive perfor¬ 
mance for a computer that is 500 
times faster thnn the typical work¬ 
station, and four times faster than 

Ricoh's neural computer is none 
the less a tantalising hint of thing s 
to come. In a year or so Ricoh hopes 
to install a small neural computer 
in its office photocopiers - one that 
will learn by itself, without soft¬ 
ware that sets parameters, how to 
adjust all of the interrelated vari¬ 
ables that determine whether a 
copy comes out with even tone. 

The neural computer itself is not 
a new concept. Other Japanese com¬ 
panies like NEC, Fujitsu and 
Hitachi have developed neural com¬ 
puters that learn from their mis¬ 
takes until they can perform a task. 
The theoretical advantage is that 
these machines should eventually 
be able to deal with ambiguous situ¬ 
ations and to make judgments, like 
the human brain. They could be 

useful for text or voice recognition. 

Morlo Onoe, professor emeritus at 
Tokyo University and general man¬ 
ager of Ricoh's R&D group, says 
that existing neural computers have 
combined the traditional central 
processing unit with software that 
imitates the functions of neurons of 
the human brain. 

Ricoh’s computer, by contrast, 
has no central processor, just 16 
neurons that operate in parallel and 
are linked together. This allows 
them to perform at much higher 
speed. The computer is fed informa¬ 
tion In digital form and given a 
god, but left to its own devices on 
how to achieve it 

So far the tasks performed are 
simple. The computer, for example, 
was yesterday fed equations 

describing the rolling of a ball on a 
tilted see-saw, and told to move the 
see-saw to prevent the ball from 
falling off the end. After a dozen of 
so failed attempts, the computer 
managed to balance the ball in the 

Onoe says the advances have 
come in two areas: the dispensing of 
software that instructs the com¬ 
puter how to perform specific tasks 
and higher-speed processing of com¬ 
plex problems. 

The experimental computer is put 
together with 32 neural chips which 
Ricoh developed two years ago and 
which have a single neuron per 
chip. The computer has a process¬ 
ing speed of 128MCPS (million com¬ 
puting connections per second). 

The drawback erf Ricoh’s neural 

computer is that it requires a huge 
amount of computing power to 
learn something useful. 

Onoe says the first practical appli¬ 
cations for the computer will be in 
mechanical control, where the vari¬ 
ables are relatively few. While 
Ricoh plans to use the technology 
In its own office machines, it would 
also welcome partners to develop 
control systems for factory robots. 
Use of the computers for voice or 
character processing will require 
much larger capacity. . 

Don’t expect the machines to 
appear on desk tops any time soon. 
But they could eventually learn not, 
only to process words, but print out 
letters from dictation and eventu¬ 
ally, perhaps, write the memos on 
their own too. 

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investment Community 1991 
(MPC Int'l) 


Moving upstairs in the 
Lever household 

Lord Klndersley (left), who has chaired Brent Walker through its 
£L63bn refinancing, is to retire from the group at next month's 
annual meeting. He was appointed in January 1991 expecting a 
fairly brief, though arduous, tenure of the. Job. But the repeated 
delays In completing the refinancing until the end of Marnii thin 
year kept him occupied seven days a week. 

Now, at 62, he looks forward to spending same time on his 
other interests, he says. One ofhls top priorities is to organise a 
deer-park owners’ Initiative to Improve the marketing of veni¬ 
son. He has 400 deer of his own in Kent His preoccupation with 
Brent Walker, which yesterday repented an annual loss totalling 
£411.4m, has, be says, nearly cost him his place on the manage¬ 
ment committee of Wimbledon. And he feels that as chairman of 
the Thailand Investment Trust he really ought to visit the 

Also resigning is Alan Clements (right), former Id finance 
director, who Joined as a non-executive director In the early 
stages of the refinancing as well. He subsequently became the 
only non-executive director on the board and had to carry the 
burden that entailed. He too has other interests requiring his 
time, not the least his directorship of Mirror Group Newspapers. 

Brent Walker Is in the process of recruiting a new chairman 
and some non-executive directors. Some names should be ready 
by tizeagm. 

Lever Brothers, the UK 
detergents business of Anglo- 
Dutch consumer products com¬ 
pany Unilever, has a new chief 
executive, Andrew Seth, who 
arrives from Lever Europe in 
Brussels. He had been a gen¬ 
eral manager in charge of 
household cleaning products 
for the past two years, and ear¬ 
lier held a series of positions 
with Lever elsewhere in 
Europe as well as America. In 
the late 1970s and early 1980s 
he had been marketing direc¬ 
tor of Lever Brothers in the 

Seth, 55, replaces Roy Brown, 
who at 45 has moved up to the 
Unilever main board as a 
regional director with responsi¬ 
bility for Africa and the Middle 
East Clearly on the Unilever 
fast-track. Brown has moved 

speedily through the ranks. He 
had been chief executive of 
Lever Brothers for less than 18 
months, where one of his prin¬ 
cipal tasks had been to oversee 
the implementation of the UK 
mid of the new Lever Europe 
strategy - the drive to make 
the European detergent busi¬ 
nesses work together more 
effectively. Also daring 
Brown’s time there, Lever 
introduced concentrated liquid 
detergent to the UK market 
Among a range of many pre¬ 
vious posts within the group, 
he has been technical director 
of Bird’s Eye Walls and chair¬ 
man of Plant Breeding Interna¬ 
tional. His overseas experience 
comes partly from a period in 
the mid 1980s when he was 
chairman of Unilever’s planta¬ 
tions activities. 

Moves in 


■ Patrick Cooper is resigning 
from the board of GOODE 
DURRANT but remains a 
director of its subsidiary 
Ravenstock (Tam) Holdings. 
■Gerald Palfreyman has 
resigned from EVODE. 

■ Leonard Blackwood has 
resigned from P-E 

■ David Watkins has resigned 


■ Charles Cha rlwoo d has 
retired from ATTKEN HUME 

■ The Earl of Shrewsbury and 

Waterford has resigned from 


■Colin Burrowes has resigned 

■ Derek Henson is retiring 

■Tony Herbert, Denison 
Moxon and Jim Morris have 
been appointed directors of 
■Richard Kilsby, formerly 
vice-chairman of Charterhouse 
Bank, has been appointed an 
COMPANY. Tony Moore, 
formerly with County Natwest, 
has joined Bankers Trust 
Company as an md and head 
of corporate finance 
origination for the UK and 
parts of Europe. 

■Richard Payne and 
Christopher Collins have been 
appointed directors of 

■ James Jamieson has bear 
appointed a director of the 

■Stuart Bridges has been 
appointed to the board of 

■PatrickSetters has be en 
appointed director of LLOYDS 
■Dexmct Keegan is appoin te d 
director oaf retail sales for 

■Stephen Hargrave has been 
appoi n t e d chai r man of the 

TRUST in place of Andrew - 
Ferioff who remains a director, 
bike Johnson becomes deputy 

economist front Crown Agents 
Asset Management. 

Instructive role for Wally Olins 

Wally Olins, one of the UK's 
design gurus, has decided to go 
back to school. “Not before 
time," might be the cry of all 
those critics of the revamped 
corporate Image sector of the 
design world, of which Olins is 
a leading light 
But before the knives Hash 
too fiercely, let It be known 
that Olins is returning to edu¬ 
cation not io learn but to 
instruct. He has just been 
appointed visiting professor at 
Lancaster University manage¬ 

ment school, where he will be 
involved initially in the 
school's MBA courses. 

Later he will participate in 
the expansion of the school’s 
marketing programme; there 
are plans to Introduce an 
advertising course this year. 
Olins will continue his role as 
chairman of Wolff Ofins, tile 
corporate Identity consultancy, 
which he co-founded. 

Lancaster clearly feels chuf¬ 
fed with the appointment Its 
mess release proudly mentions 

Wolff Olins’ corporate identity 
work for VW/Audi, Prudential. 
Boris, Akzo and the Metropoli¬ 
tan police force In London. But 
strangely, it omits to mention 
tiie most famous recent Wolff 
Olins work, the corporate rede¬ 
sign for BT, the implementa¬ 
tion of which is estimated to 
have cost some SSOm. 

The new logo - a sUhooette 
of pan blowing a heraldic 
trumpet - met with wide¬ 
spread derialou, not least 
because Pan blew a syrinx. 

•r, - 

I : -• ,. 





19 1992 


Oliver Parker and Cathryn Harrison 

■•-'-Jr.- ■>-, 

‘ ■—» 

u Cf - 

Theatre/ Malcolm Rutherford 

As You Like It 

The Open Air Theatre at 
Regent's Park ought to be the 
ideal setting for As You Lite It, 
just as it is for A Midsummer 
Night's Dream. The Forest of 
Arden corresponds more 
closely to Regent’s Park than 
most of the rest of London. 
Never underestimate, however, 
the chances of a director get¬ 
ting it wrong by trying to be 
clever. Maria Aitken’s produc¬ 
tion is perverse.' 

To he fair to Ms Aitken, her 
As You Like It is not nearly as 
dreadful as her 'programme 
note would lead you to think 
Aitken claims that Jaques, the 
melancholy outsider, is the 
equivalent of a 20th century 
movie director: he has spotted 
that all the world’s a stage and 
Arden is the place where you 
go to shoot on location. 

The idea produces one good 
joke. In the wrestling match 
Orlando gets hammered in the 
first round. Jaques, the movie 
director, calls a halt and sub¬ 
stitutes the stand-in who pum¬ 
mels the court wrestler close to 
death. This is Hollywood tri¬ 
umphant, hut merely a gloss 
on As You Like It. Gradually 
Hollywood recedes and the 

play takes over although the 
production remains perverse. 

: Ms Aitken appears to think 
that all the men in the play are 
drips and all the women play¬ 
ers. There is some evidence in 
the text for her point of view - 
Orlando is not a ball of fire and 
you could say that Rosalind is 
lowering her standards by 
chasing him. On the other 
hand, If you take the female 
superiority too far, you begin 
to distort the play. As You Lite 
It Is abont boy meets girl, 
mutual attraction. There has to 
be something to be said for the 

Aitken's preference for put¬ 
ting the women first has 
strange effects. Corin, the 
shepherd, has some wonderful 
lines in defence of the pastoral 
society: The greatest of my 
pride is to see my ewes graze 
and my lambs suck.” He is not 
allowed to speak them as if 
they are at the heart of the 
play or as if anyone might 
wish to take, him seriously. 

The minor part of Phebe, the 
shepherdess, comes out as one 
of the most striking characters. 
This is partly because she Is 
played by Anna Patrick, whose 

Moll Cutpurse 

In 1610, the famous rogue Moll 
Cutpurse saw her own life dra¬ 
matised as The Rourmg Girl by 
Thomas Dekker and Thomas 
Middleton. If real characters 
could wander on stage, why 
could not Middleton mix it 
with Moll offstage? That situa¬ 
tion provides the comedy in 
Moil Cutpurse, an entertaining, 
play about Middleton at the 
Drill Hall Arts Centre. 

Nick Stafford’s fantasy 
works on situation rather .than 
plot. Middleton appears as a 
blocked writer who cannot 
bring himself to say ‘'Shake¬ 
speare” or to quote from any of 
the plays. He decides to gamer 
material for a new play, and 
tights on MolL She and her 
confederates, Maria and John, 
welcome him as only those 
hungry for publicity welcome a 
TV documentary crew. 

An intrigue of deception 
ensues, driven by greed and 
lubricity. The action turns on a 
flimsy revenge plot, a bag of 

counterfeit coin and the writ¬ 
ing of Middleton's play. The 
labyrinthine business strikes a 
parody of Middleton’s own 
plots; and the language is a 
riot of plackets and peccadillos, 
consistently bawdy and sugges¬ 
tive. Middleton attempts to 
shepherd all this chaos into the 
pages of his own play. 

Simon Deacon's ambient 
music lifts the action and helps 
focus Helen White’s clever 
direction.. She gets fine perfor¬ 
mances from the cast of four. 
Peter Shorey as Middleton and 
Janice McKenzie as Moll estab¬ 
lish a bruising rapport: Shorey 
In particular shows control and 
range. The play's funniest 
scene, between Middleton and 
Moll’s confederates (Beaux 
Bryant and Jim Findley) finds 
him physically sick in being 
forced to hear Shakespeare’s 
ISOth sonnet 

But the New Perspectives 
Theatre Company has shackled 
Itself in this production to the 

ideal of “political correctness": 
fine in principle but clumsy in 
practice here. Old norms are 1 
assiduously avoided: so the 
women are lesbian, the men 
gay, and relations between the 
sexes financial. The choices for 
women look stark: servant, 
whore or wife; unless like Moll 
they “live by their wits against 
all costs." 

Beyond the bustle and ener¬ 
getic acting, Moll Cutpurse 
needs a wider scope, grander 
design. As a play about Middle- 
ton, it offers little. Its serious¬ 
ness focuses on the position of 
women, then and now. Fifty 
years after Middleton’s death, 
one playwright was writing 
more and better on the same. 
Her name was Aphra Behn. 

Andrew St George 

Drill Hall Arts Centre (071 601 
1353) until 27 June (ex. IS 

Austerity with a baroque twist 

Susan Moore reviews the art and craft of the Hutterites and Mennonites 

performance as Helena in the 
Regent’s Park production of 
the Dream has already shown 
her to be an actress at the top 
of the class. It is also because 
the production suggests that 
she is a woman striking out on 
her own. The text shows 
plainly that she is only having I 
a minor fling. 

Aitken’s perversity runs into 
problems with Jaques, played 
by Bette Bourne. He is over- 
coiffeured and noticeably over¬ 
weight. He speaks his lines 
very well, but the underlying 
suggestion is that he Is suffer¬ 
ing from some fatal disease, 
quite probably AIDS, not an 
improvement on the original 
unexplained melancholy. 

Rosalind is played with some 
distinction by Cathryn Har¬ 
rison. The question remains of 
what a clever girl like this is 
doing chasing a duffer like 
Orlando. The logical conclu¬ 
sion of Aitken’s interpretation 
is that Rosalind should go off 
with Phebe. Still, you can’t 
keep a good play down; nor the 
pleasures of Regent's Park 

Sponsored by Unilever 

I n summer, the colony bell wakes 
everyone at 6.15 am. The bell calls 
the adults to the communal 
kitchen for a breakfast of prunes, 
cheese, smoked bam, bread, jam and 
coffee. Quickly and in order the men 
file in, hang their hats and take their 
assigned places on benches around a 
long table. All wear black working trou¬ 
sers and coloured shirts; the mature 
men are bearded. The women follow 
and sit at a second table, their hair 
identically arranged, their clothes 
another uniform of polka-dotted brad 
scarves, long patterned dresses and 
aprons. No children are present. 

A short prayer. Each person eats 
quickly and In silence. Another prayer. 
The dishes are carried into the kitchen. 
Women finish clearing the tables and 
begin washing up. The procedure takes 
seven minutes in alL 
The colony Is Hutterite, the date the 
mid 1960s. For the first time, outsiders 
had been admitted to observe and pho¬ 
tograph the life of what is the most long 
lived of all Christian Utopian communi¬ 
ties. The Hutterites, like the other two 
surviving German-speaking Anabaptist 
sects, the Mennonites and the Amish, 
chose to separate themselves from 
church and state in the 16th century. 
Endlessly persecuted, not least for their 
pacifism as well as for their separate¬ 
ness, they sought refuge and land to 
form first in Prussia or Russia, then the 
US, and latterly in Western Canada. 

Unlike the Mennonites and the 
Amish, their life is communal, their 
modest earthly goods the possession of 
the community rather than an in divid¬ 
ual Moreover, they have continued to 
resist integrating into a wider commu¬ 
nity. In North American in 1965, a popu¬ 
lation of some 16,500 Hutterites was 
recorded in 170 colonies. 

An image of those cheerless, regi¬ 
mented breakfasts ought to haunt like a 
spectre “All Things Common”, a beauti¬ 
fully presented small show of Mennon- 
ite and Hutterite furniture, textiles, 
metalwork, ceramics and calligraphy at 
Canada House. So seductively simple 
and wholesome are these workaday rus¬ 

tic chests and chairs, and hands 0 ” 18 
quilts, that the harshness of the life for 
which they were made is blurred in a 
romantic mist. 

The Hutterite children who slept In 
the gaily painted tura-of-the-century 
cradle, and played in the child's wagon 
of around 1930, were not allowed to 
favour their own mothers above other 
members of the community. Indoctrina¬ 
tion began early: by the age of two they 
would be aware that the needs and will 

of the colony took precedence over 
those of the individual. Indeed, the indi¬ 
vidual will had to be broken, individual* 
zty suppressed. 

There appears to be a contradiction 
between what we see in this exhibition 
and what we know. Despite their aus¬ 
terity. the so-called “Plain Folk" in som¬ 
bre blue clothing appear not so pfafri 
alter alL Unlike the Shakers who 
rationalised 18th century EngUch furni¬ 
ture to create a new, streamlined, func- 

A Mennonite bed with a colourful quilt and wall hang in g 

tional style, Mennonite and Hutterite 
craftsmen continued to copy and sim¬ 
plify old prototypes. Those prototypes 
happened to be in the most immodestly 
exuberant and self-indulgent of decora¬ 
tive styles, the baroque. 

The survival of Germanic forms and 
decorative traditions among these - 
and other - widely dispersed and much 
travelled Germanic colonies is striking. 
Theirs is a similar small repertory of 
essential furniture; blanket boxes, wall 
cupboards, chairs, tables and sleeping 
benches, which serve as storage chest, 
bench and bed. In the latter, in particu¬ 
lar, we find Baroque curlicues and 
scrolling arm rests, back rests and 
skirts. Throughout are unexpected 
bright primarily colours. Inlay, trompe 
l'oeil, and Hansel and Gretel heart- 
shaped cuts outs. 

In contrast to Shaker furniture and 
artefacts, some of these pieces seem 
fussy, galumphing and poorly made. 
What they lack in aesthetic and techni¬ 
cal refinement, however, they often 
make up for in spirit We can imagine 
the sense of satisfaction felt by the man 
who carved the heart in the top of the 
cabbage cutter here, or forged the 
heart-shaped trivets, as well as the sim¬ 
ple pleasure derived by those who han¬ 
dled them. 

An instinctive feel for colour and 
design is evident in the traditionally 
patterned Mennonite quilts on show. 
That sense of design is also apparent in 
perhaps the most distinctive works here 
— the lively manuscript illumination 
known as “firaktur’". Again, the art form 
derives from Swiss-German traditions, 
but it flowered in the New World. The 
motifs that once decorated the borders 
of important family documents became 
as important as the script itself, and 
even exist without it. Eight-pointed 
stars, hearts, birds, flowers, animals 
and trees of life weave their lively, 
rhythmic watercolour courses across 
the page. 

All Things Common continues at 
Canada House, Trafalgar Square, until 

July S. 

Opera in Italy/ William Weaver 

C oncluding its opera season, 
the Bologna Comunale has 
just mounted a sparkling new 
Cenerentola, obviously 
intended also as a contribution to the 
Rossini bicentenary festivities, which 
continue in full spade throughout Italy. 
The new production served further as a 
showcase for the young mezzosoprano 
Cecilia Bartoli, the brightest rising star 
in the Italian operatic firmament, 
known as much for her notable record¬ 
ings as for her theatre appearances. 

But Bartoli in the real life of the stage 
Is even more exciting than Bartoli on 
discs, for in addition to her vocal virtu¬ 
osity she is an engaging, natural act¬ 
ress, sensitive to words, including those 
of her fellow-performers. She never per¬ 
forms in a vacuum, but securely in con¬ 

In Bologna she was surrounded by 
first-class performers. Cenerentola is not 
a mezzosoprano vehicle: it makes heavy 
demands also on the other Interpreters, 
and the casting of Ramiro, Magnifico 
and Dandini is as important as the 

Bartoli’s ‘Cenerentola7 6 Cosi fan tutte’ 

liam Matteuzzi, Claudio Desderi and the 
talented young Lucio Gallo for these 
three parts, and the spiteful stepsisters 
were aptly played by Fernanda Costa 
and Gloria Banditetii. The philosopher 
Alidoro, of whom tittle but stately 
nobility is required, was strongly cast, 
too; and the bass Pietro Spagnoli added 
to that nobility of mien authority of 
voice and evident human concern. Rio- 
cardo ChaiUy, the permanent conductor 
of the Comunale, used the new critical 
edition of the score, which inspired a 
translucent reading with for more sub¬ 
tlety and charm than the usual. Chailly 
allowed the vein of pathos to run 
through the performance 

Bartoli’s Cinderella, however, was not 
pathetic or sentimental, even in the 
opening scenes. Her first words to the 
prince were immediately moving in 
their simplicity. In the end, when good¬ 
ness has triumphed and the radiant 
newly-made princess proclaims that l»r 
forgiveness of her stepsisters will be 
ter revenge, there is just a hint that 
vengeance will get the upper hand and 
the stepsisters had better watch out 
This Cinderella is a young woman of 
strong character, whether among the 
embers or on the throne. 

In unusually good voice, Matteuzzi 
portrayed a youthful man of spirit, con¬ 
vincing as prince and lover. The young 
Gallo has a big, commanding voice, per¬ 
haps more suited to verismo opera than 
to Rossini; but he handled it well and 
provided an untraditional, originally 
comic valet-turnedrprince. Claudio Des¬ 
deri was a Don Magnifico totally in 
command, outrageously funny and 
Infallibly musical, singing not grum¬ 
bling his music. Like all the others, he 
was firmly supported by the staging of 

piece entirely corresponded to that of 
Chailly: the comedy always had a wel¬ 
come elegance. Greedy, self-important, 
foolishly ambitious, this Don Magnifico 
was. nevertheless, an aristocrat, 

Odette Nicoletti designed delightful 
costumes; and Mauro Caros! invented a 
splendid and versatile set, a high arch 
crowning two curved staircases, in 
Vesuvian-villa style. Thus, with a mini¬ 
mum of shifting, the scenic elements 
could be transformed from the Baron’s 
decaying palace to the Prince's country 
seat The Comunale orchestra was obvi¬ 
ously in complete agreement with 
Chailly's approach, and they played at 
the top of their form. The chorus, too. 

seemed newly energised. All this bodes 
well for the recording which Decca will 
make just after the final performance of 
the season. 


Stimulated largely by the success of his 
recent recordings, considerable interest 
surrounded the Italian debut of John 
Eliot Gardiner as producer, staging 
Mozart’s Cost fan tutte at the charming 
Teatro Comunale in Ferrara. This was a 
co-production with the Teatro Sao 
Carlos of Lisbon, where it was seen last 
month. The Ferrara opening night, last 
Friday, was sold oat; and critics and 
cognoscenti came from all over the 
country for the event 
The reception was warm, but the 
artistic results were mixed, and some of 
the specialists were disappointed. Not 
with Gardiner's conducting; which was, 
as expected, of great authority and sen¬ 
sibility. From the very first bars of the 
Overture it was dear that the excellent 
English Baroque Soloists were in secure 
hands: tempos were firmly set, but 
never so rigid as to exclude expressive 

ward horn blurts, the sound was sweet 
and silken, unusual for an “original 
instruments” orchestra. 

It was the voices that fell short of 
expectation, especially the women. 
Amanda Roocroft (Fiordiligi) and Rosa 
Mannton (DorabeXLa) both have a pretty 
soprano sound, but without personality. 
True, in Gardiner’s view, the two sis¬ 
ters should be, for much of the piece, 
virtually identical (and they wore con¬ 
fusingly twin costumes in the first 
scenes); but their interchangeable 
sameness quickly became monotonous. 
The generic quality of their singing was 
exacerbated by their woeful enuncia¬ 
tion of the Italian text and the excess of 

gesticulation and grimacing that 
marked their acting was a hindrance 
rather than a help to comprehension. In 
the mugging department, Eiriau James 
was the worst offender; the voice also 
lacked charm. 

Carlos Feller gave the Italian words 
their proper value, and his Alfonso was 
the only character with three dimen¬ 
sions. He really looked and moved like 
an 18th century Neapolitan gentleman, 
not like a costumed singer. Unfortu¬ 
nately, his voice is an unpleasant bark 
and he had difficulty with pitch. Hie 
boys - Rainer Trust (Ferrando) and 
Rodney Gfifry (Gugliehno) - were gen¬ 
erally better actors, but their singing 
suffered from the same lack of focus as 
the pris*. and their Italian was only 
marginally better. 

Jh a long evening (four hours includ¬ 
ing one interval), the generic singing 
grew soporific, and one could not help 
wondering if it was worth opening cuts 
and restoring often-suppressed recita¬ 
tive. Gardiner, in a programme note, 

to prevent someone less knowledgeable 
from mucking about with the work. An 
excellent motive, and his staging does 
indeed respect the text and the music, 
except for a few instances where the 
maestro himself succumbs to produceii- 
tis, introducing chained prisoners into 
the scene of the troops’ arrival and two 
mincing PulrineUas into the near-wed- 

The story is firmly set In late 18th 
century Naples by the splendid, seduc¬ 
tive sets as costumes of Carlo TommasL 
DorabeHa and Mordffigi could not have 
been brought back to their native Fer¬ 
rara in a more handsome visual con¬ 

law DM 130m Kunst-und 
ngshalte will be opened 
Chancellor Helmut 
nded entirely by the 
federal government, 
otic exhibitions complex 
t a multi-disciplinary 
i, emphasising and 
ding the links between 
and sciences. The Idea 
rtg ah exhibition centre 

KStrate the federal 
ant's commitment to 
usually foe 

billty of toe regions in 

f) dates back to the 

it it was not until 1985 
iternational competition 
iched to design a 

nner was Viennese 
Gustav pelclil, who 
bped a straightforward 
far building giving over 
are metrea of exhibition 
i several levels. A 
terrace is capped by 
aqual cones, admitting, 
tie areas below and 

symbolising the classic triad 
of the visual arts: architecture, 
painting and sculpture. Further 
symbolism can be found in a 
row of 16 dark metal columns 
along one side, one for each 
German Land. In addition to 
flexible exhibition spaces, there 
is a technically sophisticated 
complex consisting of a library, 
television studios and rooms 
for lectures, concerts and film 

The Kunsttialle opens with 
five different displays which will 
run throughout the summer. The 
first is a synthesis of the main 
developments In modern art, 
from the end of the last century 
to the present day, with 150 key 
works by 120 artists, all of whom 
were rejected or misunderstood 
by their contemporaries. 
Pantheon of 20th Century 
Photography is another 
historical display, bringing 
together images by 30 
photographers, Including Diane 
Arbus, Bemd and Hilla Beefier, 
Paul Strand and Andr6 Kertesz. 
Niki tie Saint Phalle gets a solo 
show, with a wide range of 
works Inside the building and 
a further 35 outside in a kind 
of roof garden. This is the first 
time so many monumental works 
by the French artist have been 
shown in one place. 

Another retrospective is 
devoted to Gustav Petchl, while 
a major display entitled Global 
Change confronts the world's 
environmental problems, giving 
a view of the Earth on satellite 
data, photographs and 
audio-visual systems. 

The artistic director of the new 
centre Is Swedish scholar 
Pontus Hulten, former manager 
of the Los Angeles Museum of 
Contemporary Art, Palazzo 
Grass! In Venice and the Centre 
Pompidou In Paris. 


Stedefljk Museum The Great 
Utopia: the Russian Avant-Garde 
1915-1932. Ends Aug 31. Daily 
Van Gogh Museum Prints by 
19th century Japanese artist 
Yoshitoshi. Ends June 28. 
Masters from the Mesdag 
Collection: 60 works from the 
Hague and Barbizon schools. 
Ends Aug 19. Daily 
Rifksmuseum The influence of 
Japan on Dutch Art Ends July 
26. Closed Mon 

Ufflzl Florentine drawing at the 
time of Lorenzo the Magnificent, 
Including works by Filippo Lippi, 
Leonardo, Michelangelo, 
Botticelli and other Renaissance 
artists. Ends July 26 

CourtauLd Institute Drawing in 
Bologna 1500-1600: an 
outstanding collection of more 
than 60 drawings, almost all 
from private collections and 
including some recent 
discoveries. The exhibition 
includes early work by Bologna's 
famous Carracci family, as well 
as less widely known artists 
such as Orazlo Samacchinl and 
Lorenzo Sabatlni. Ends Aug 31. 

Tate Gallery Richard Hamilton 

(b1822): more than 100 works 
spanning the career of the 
British artist who was one of 
the founding creators of Pop 
art Ends Sep 6. Also Turner 
and Byron: 70 works exploring 
Turner’s interest In Byron's 
poetry. Ends Sep 20. William 
Blake (1757-1827): the apprentice 
years. Ends Aug 16. David 
Hockney: Seven Paintings. Ends 
July 26. Dally 

Institute of Contemporary Arts 
Mike Kelley: installations by one 
of the most important young 
American sculptors. Ends July 
19. Dally 

Royal Academy of Arts Summer 
Exhibition: the world's largest 
contemporary art exhibition, 
drawing together some of the 
finest examples of work by living 
artists, Including Clemente, 
Baselitz, T&pies and Ellsworth 
Kelly. Ends Aug 16. Daily 
Barbican The Celebrated City: 
Treasures from the Collections 
of the City of London, including 
a rich selection of 17th century 
Dutch paintings. Ends July 19. 

Hayward Gallery Magritte. 
Advance booking on 071-928 
8800. Ends Aug 2. Dally 


Prado Ribera: a major 
retrospective of paintings and 
drawings by the early 17th 
century Spanish artist who 
settled in Italy. Ends Aug 16 
Calcogratia Naclonal One 
Hundred Years of Finnish 
Graphic Art Ends June 28 
Centro de Arte Reina Sofia Pop 
Art a survey of the 1950s and 
1960s movement popularised 

by Andy Warhol. Ends Sep 13. 
Closed Tues 


Museum of Modem Art Louis 
I Kahn: a large-scale 
retrospective devoted to the 
most important American 
architect since Frank Uoyd 
Wright Ends Aug 18. Also Antoni 
T&pies (b1923): prints and 
illustrated books by the 
celebrated Catalan artist Ends 
Aug 9. Closed Wed 
The Drawing Center Guercino: 
an exhibition of 60 drawings on 
loan from Windsor Castle, one 
of the highlights of the 
international celebrations of the 
artist's 400th anniversary. Ends 
Aug 1 

Metropolitan Museum of Art 

Korean Ceramics from the Ataka 
Collection: 114 exquisite works 
surveying the full flowering of 
Korea's ceramic tradition from 
the 10th to 19th centuries. Ends 
July 12. Also Andrea Mantegna. 
Ends July 12. Royal Art of Benin. 
Ends Sep 13. Closed Mon 

Mua&e d'Art'Modeme Dubuffet 
100 prints, paintings, sculptures 
and drawings, all of which were 
given by the artist to the Mus6e 
des Arts Decoratifs in Paris in 
1967. Ends Aug 30 

Parc de Bagatelle Henry Moore: 
a major outdoor exhibition 
consisting of 27 over ilfe-size 
bronze sculptures, ranging from 
the 1950s to the last great works 
of the 198%, placed in the kind 
of open-air landscape for which 
they were intended. Ends Oct 
4 (Bois de Bologne) 

GaJerle Dldler Hubert Henry 
Moore Intime: 500 works which 
formed the artist's home 
environment, none previously 
seen In public. Ends Ju(y 24. 
Closed Sun (19 ave Matignon) 

Le Louvre des Antiqualres Les 
jardins du Baron Haussmann: 
documents, plans and 
engravings showing Paris of 
the Belle Epoque. Ends Oct 4. 
Closed Mon (2 place du Palais 

Musde Guimet From the Tagus 
River to the Chinese Sea: 
ceramics, porcelains and gold 
brocade bringing back toe magic 
of Portuguese commercial links 
with the East Indies from 1513 
onwards. Ends Aug 31. Closed 
Tues (6 place d'ldna) 

Louvre The Eye of the 
Connoisseur Homage to Philip 
Pouncey. An exhibition 
commemorating toe Old Master 
drawings expert who died in 
1990, and Including drawings 
by Correggio, Lorenzo Lotto and 
others. Ends Sep 7. Closed Tues 
Grand Palais The Vikings. Ends 
July 12. Closed Tues, late 
opening Wed (ave du General 

Jeu de Paume H6!io Oiticica: 
a retrospective devoted to toe 
Brazilian artist who died In 1980, 
and illustrating his fidelity to 
the theme of toe human body 
and its relationship to space 
and objects. Ends Aug 23. 

Closed Mon 

Trajan's Markets Anthony Caro: 
38 large-scale works from all 
stages of the British sculptor's 
career, displayed in toe 

remarkable context of Imperial 
Roman architecture. Caro’s 
great rusted steel frieze inspired 
by Greek pediment sculpture, 
entitled After Olympia, is placed 
at toe heart of toe exhibition In 
the main hall of the markets, 
while other works, drawn from 
an international list of 
collections, are spread through 
corridors, terraces and 
chambers on two levels. Ends 
Aug 20 
Museum B oymana-van 
Beunlngen From Pisanello to 
Cdzanne: more than 100 
drawings offer a survey of toe 
museum's own collection and 
of West European 
draughtsmanship from 1400 to 
1900. Ends July 12. Also J&rg 
Immendorff (b1B45): paintings, 
many in extremely large formats. 
Ends Aug 23. Also work by 
young Dutch glass artists and 
modern glass from the 
museum's own collection. 
Herman Lamers (b1954): 
large-scale installation. Ends 
July 26. Closed Mon 
Modems Musset Swedish 
classics: works from the period 
1900-1945, drawn from the 
permanent collection. Ends Oct 
4. Closed Mon 
Nationalmuseum Louis Jean 
Desprez (1743-1804): 
topographical views, stage 
decorations and architecture 
by the French designer who 
captivated Sweden's Gustav lit 
with his extravagant, fantastic 
stage sets. Ends Oct 4, Closed 



Number One Southwark Bridge, London SE1 9HL 
Tel: 071-873 3000 Telex: 922186 Fax: 071-407 5700 

Friday June 19 1992 

Lloyd’s and 

its casualties 

THERE ARE two separate issues 
to examine when considering 
what Lloyd's of London, the insur¬ 
ance market, should do to cope 
with the impact of the losses of 
1988-90 on some of its members. 

First: was there wrongdoing? 
Did Lloyd’s business practices 
unfairly penalise innocent new 
members, sucking them into syn¬ 
dicates with a higher than average 
chance of encountering heavy 
losses? This is the issue that Sir 
David Walker, former chairman of 
the Securities and Investments 
Board, has been examining; his 
report is due next month. If Sir 
David finds that there were sys¬ 
temic weaknesses at Lloyd’s 
which allowed abuses to take 
place, those members affected will 
have a strong case for sharing the 
burden with their fellows. This is 
a moral issue, turning on ques¬ 
tions of natural justice, equity and 

The second issue looks similar, 
but is in fact different. If there 
was no wrongdoing, or if it was 
confined to a limited number of 
cases, should there nonetheless be 
a general sharing of pain within 
the market, to ease the plight of 
those worst affected by the losses? 

Both those who answer yes to 
this question and those who 
answer no have made great play 
with moral issues. Here, though, 
the strongest arguments have 
always been coldly commercial. A 
bail-out was, said its advocates, 
the only way of digging Lloyd’s 
out from under the blizzard of 
legal cases that threatened to 
overwhelm It and its reputation. It 
was worth every memb er's while 
to pay up, to preserve the future 
of Lloyd’s and the income it would 
generate In years to come. 

ing to strengthen the market's 
future capacity. 

The arithmetic did not add up, 
so no bail-out. Instead, brokers 
and managing agents are to be 
asked to contribute to Lloyd’s 
hardship committee, chaired by 
Mrs Mary Archer. 

Even with extra cash, it cannot 
work quickly. Of the 1,185 mem¬ 
bers who have applied to Mrs 
Archer's committee, only 95 have 
so far been offered a settlement, 
and only 39 have accepted. These 
settlements, says Mr Alan Lord, 
Lloyd’s outgoing chief executive, 
allow distressed Names to keep 
their houses till they die, living 
“not opulently but quite as well as 
many people you would expect to 
meet in a small country village”. 

Rustic bliss 

Commercial reasons 
Logically, the question of 
wrongdoing precedes the question 
of a general bail-out Lloyd's has 
chosen to answer the questions in 
reverse order. Yesterday, the 
Lloyd's council announced that it 
has rejected the arguments for a 
bail-out Appropriately, it reached 
its decision for straightforward 
commercial reasons. The losses of 
its worst-hit 2^500 Names are so 
great that setting aside a fund to 
compensate them would have gob¬ 
bled up too much of Lloyd’s capi¬ 
tal. And anyway, half those 
Names are no longer members; 
giving them help would do noth- 

The prospect of rustic bliss will 
not stop the lawsuits. Lloyd's 
council must have known that Its 
decision against a bail-out scheme 
represents its best judgment of the 
balance of commercial advantage, 
a judgment it is there to make. 

That does not exempt it from 
greeting the Walker report, when 
It appears, with an appropriate 
response. If the report points to 
wrongdoing or negligence, Lloyd’s 
will find itself urged to compen¬ 
sate those members affected with 
funds drawn from the membership 

It would be wrong for the coun¬ 
cil, in considering this issue, to 
rite the decision against a general 
bail-out; instead, the appropriate 
precedent is Lloyd’s contribution 
out of its members’ funds to the 
settlement of lawsuits over the 
losses of the Outh waite syndicate. 

As well as dealing with the leg¬ 
acy of past losses, Lloyd's must 
turn its attention to the future. 
Here, the most urgent need is to 
build capital rapidly to maintain 
market share ami offset the with¬ 
drawal of disenchanted Names. 
Yesterday’s otter derision - to 
create a “stop-loss" fund that will 
prevent Names from bring wiped 
out in future - will offer some 
limited help. But the test hope of 
an influx of new funds lies in the 
proposal to admit corporate capi¬ 
tal Lloyd’s now behoves that this 
will not require a change in the 
law; it is talking of introducing 
corporate capital from the begin 
ning of 1994. Such a change can¬ 
not come too soon. 

Chips go down 
in electronics 

THIS HAS been a troubling week 
in Europe’s electronics industry. A 
surprise profits warning from 
Philips of the Netherlands, which 
had been recovering from Its 
finanrial crisis of two years ago, 
was followed yesterday by confir¬ 
mation that Siemens of Germany 
is sharply scaling back its commit¬ 
ment to memory chips, of which it 
is the leading European-owned 

These developments raise fresh 
doubts about the prospects for 
European-owned companies in a 
sector where, despite extensive 
government support, they have 
struggled to survive. But their 
plight needs to be seen in the per¬ 
spective of recent upheavals, 
which have also scarred electron¬ 
ics producers in the US and Japan. 
The problems are more than cycli¬ 
cal: they stem from structural 
changes in the industry. 

The worst mistake EC policy- 
makers could make would be to 
respond by plying Europe’s elec¬ 
tronics industry with still further 
subsidies and trade protection. 
Excessive reliance on such 
favours contributed largely to 
Philips' past difficulties by insulat¬ 
ing It from commercial realities. 
Rather, policy should focus on 
removing the remaining harriers 
to free competition in Europe. 

The most obvious barrier is the 
long-standing 14 per cent EC tariff 
on semiconductor Imports. This 
has failed to encourage a strong 
home-grown semiconductor indus¬ 
try, while piling unnecessary costs 
on European chip purchasers. 
There is also something badly 
wrong with a European market in 
which the prices of many com¬ 
puter and consumer electronics 
products remain far above US lev¬ 
els. The price discrepancy, which 
penalises every European informa¬ 
tion technology user, calls for 
thorough investigation by EC 
competition authorities. 

half-truths and non sequiturs. 

Europe is in no danger of being 
starved of semiconductors. The 
world market is awash with the 
devices, and every boom in 
demand stimulates costly Invest¬ 
ments in new capacity. Many are 
sited in the EC, where US- and 
Japanese-owned chip plants are 
proliferating - often generously 
assisted by local taxpayers. Fur¬ 
thermore. actual chip production 
accounts for a diminishing share 
of the margin and value-added in 
the industry, which must increas¬ 
ingly be sought in the products 
and systems that use chips. 

Commercial success 

Changing dynamics 
These distortions have teen 
encouraged by myopic European 
industrial policies which have 
ignored the changing dynamics of 
electronics markets. At Its most 
absurd, the approach is summed 
up in the recent assertion by an 
industry lobbyist that “without 
semiconductors, Europe has no 
industrial future". Rarely has spe¬ 
cial pleading contained so many 

State-of-the-art component tech¬ 
nology remains an important 
driver of innovation in the whole 
electronics industry. But its pos¬ 
session is no longer a guarantee of 
commercial success. At the same 
time, such success is possible for 
firms that exploit the fruits of oth¬ 
ers’ technological advances. 
Speedier technological diffusion 
and plummeting hardware prices 
have conspired to erode the inno¬ 
vator’s advantage, turning innova¬ 
tions rapidly into commodities. 

Only by successfully differen¬ 
tiating final products can compa¬ 
nies hope to prosper long-term. 
That calls for much more empha¬ 
sis on marketing, a function most 
electronics producers have largely 
ignored. Even the once-mighty 
IBM has been revealed as defi¬ 
cient: until recently, it did not 
even know the true costs of its 
sales force. The industry has 
much to learn from marketing- 
intensive low-technology business¬ 
es, such as soap and cornflakes. 

But productive marketing also 
requires a demanding market 
Europe’s biggest weakness in elec¬ 
tronics is a lack of the demand 
pull provided in the US and Japan 

by well-informed customers hun¬ 
gry for new and cost-effective 
products. The solution is not diri¬ 
gisme, the migfakfi ec bureau¬ 
crats are mqking hig h defini¬ 
tion television (HDTV), by yoking 
manufacturers and broadcasters 
Into support of probably obsolete 
home-grown technology. It can 
only be achieved by making mar¬ 
kets operate more efficiently. That 
is a goal worth pursuing for its 
own sate- It also offers Europe’s 
electronics industry its best 
long-term chance of survival. 

D espite the decision In 
the early hours of 
Thursday morning to 
abort the interna¬ 
tional public offering 
of shares in GPA Group, Mr Mau¬ 
rice Foley, deputy chairman and 
group chief executive of the air leas¬ 
ing concern, yesterday put a brave 
face on italL The company, he says, 
has sold ?lbn of equity privately 
over, the past five years and does 
not intend to give up its quest for 
more. It will simply change its strat¬ 
egy and opt for something less com¬ 
plex than a global Issue at the earli¬ 
est possible opportunity. 

Whether it can do so after such a 
resounding flop seems qaestionble. 
This was not. after all, a large offer 
for any of the individual country 
markets that GPA had been hoping 
to tap with the help of some of the 
world’s most impressive investment 
hanks and securities houses. Yet it 
was dogged, from.the .outset, by 
noisy disagreements between.'GPA 
and its advisers over- timing and 

The first setback came in a pri¬ 
vate telephone conversation 
between GPA’s founder and chair 
man. Mr Tony Ryan, and Sir David 
Scholey, chairman of merchant 
banker SG Warburg when Mr Ryan 
was looking for a global coordina¬ 
tor. Yet Sir David, while happy to 
form a relationship with GPA, 
would not commit himself to a flota¬ 
tion until Warburg knew the com¬ 
pany better. 

Mr Ryan was disappointed. GPA's 
financial adviser, Hambro Magan, 
the specialist merchant bank, had 
already derided that a flotation was 
in its best interest. But since Wat 
burg was reluctant to accept that 
without looking at GPA for them¬ 
selves, the two went their separate 

Mr Ryan was even more upset 
when Cazenove, Britain's pre-emi¬ 
nent stockbroker in corporate 
finance, against a relation¬ 

ship with GPA But despite those 

Bad timing and nervousness about the 
airline industry scuppered GPA’s flotation, 

say John Plender and Roland Rudd 

The deal that 

did not fly 

‘The exchange looked 
as if it was going to 
develop into physical 
confrontation. It was 
an exhausting end to 
the whole process’ 

Inauspicious initial rebuffs, top 
merchant bankers and brokers com¬ 
peted fiercely to act for the com¬ 
pany when it invited firms to tender 
for the key jobs in the offer. Those 
chosen ultimately included Nomura 
of Japan as global co-ordinator, 
Goldman Sachs, Merrill Lynch and 
Salomon Brothers In the US, Schra¬ 
ders and BZW in the UK, and 
Nomura mrf Yamaichi in Japan. 

By the end of last year these and 
other advisers were gearing them¬ 
selves up for a flnfaiHqn in the mid¬ 
dle of 1992. Yet Maurice Foley yes¬ 
terday confirmed that the buoyancy 
of the US stock market earlier this 
year prompted one its advisers to 
suggest bringing the issue forwards. 

Asked whether GPA should have 
taken this advice. Instead of 
waiting, by which time the US 
equity market began to dry up, Mr 
Foley said: “This is a fair point You 
can never be sure of hypothetical 
circumstances. But in the end we 
decided to go for a global offering 
and not one basically limited to the 
US." This meant going later. 

Nor was It the only missed oppor¬ 
tunity. On the basis of political 
Intelligence from Nigel (now Lord) 
Lawson, a non-executive director, 
who correctly predicted a mid-April 
UK election, GPA flirted with the 

idea of a flotation in late March.or 
early April to take advantage of a 
still buoyant US market. But In the 
end it derided it was test to wait 
until the UK election was out of the 
way. As one of its advisers yester¬ 
day suggested, this was the wrong 
judgment and turned out to com¬ 
pound the original error of not 
going in January. In the meantime 
there were acrimonious arguments 
about pricing. When the group’s 
advisers decided In February that 
the new ordinary shares should be 
priced at around $20 to $25, with the 
pmphasis on the lower price, GPA 
executives immediately insisted on 
flying the bankers to the group's 
headquarters in Shannon, Ir eland. 

Already irritated, Mr Ryan was 
reported to be even more angry 
when he learned that Goldman 
Sachs was proposing to sell the 
shares for as Uttle as $17 in order to 
be sure of placing $500m (£276m) of 
the stock in the US. One adviser to 
the group said: “Mr Ryan hit the 
roof when he heard that in retro¬ 
spect I think we should have real¬ 
ised at that time that the group’s 
way of dealing with problems is 
best suited to a private company.” 

There were to be further rows, of 
which the most dramatic took place 
in the early hours of yesterday. A 
meeting of GPA’s most senior exec¬ 
utives and advisers at Nomura’s 
London offices ended in heated 
argument when Mr John Howland 
Jackson, Nomura’s director co-or¬ 
dinating the flotation, told Mr Ryan 
that it would have to be pulled. 

Mr Ryan asked him to reconsider 
and look at other possible options, 
such as lowering the price and the 
size of the offer. But when the 
answer came back as a firm no, 
there was an angry exchange 
between Mr Ryan and the advisers. 
One of GPA’s investment bankers 
present said: “The exchange looked 
as if it was going to develop into 
physical confrontation. It was a ter¬ 
rible, flThflngting end to the whole 
process.” Few of the advisers pres¬ 
ent had slept much over the previ¬ 
ous four days and nights. 

The ostensible reason for pulling 
the flotation was not that the 
investment demand was inade¬ 
quate. Around $500m-worth of 
shares were hid for. The problem 
was that the bids were hopelessly 
unbalanced in terms of geography 
and type of investor. Out of 50m 
shares for which bids were received, 
23m were in Japan alone. Of these, 
nearly all were from retail inves¬ 
tors; institutional Interest was mini¬ 
mal. The equivalent number in the 
UK was 7.5m, while in the US only 
6.5m shares were bid for. The rest of 
the world put in for 13.3m. The 
advisers concluded that to float on 
the basis of such an unbalanced 
market would not be in GPA's inter¬ 

The rot had set In on Monday, the 
day before the deadline for share 
applications, when the US equity 

for the moment intangible. The fail¬ 
ure of the flotation deprives GPA of 
hard cash in the shape of potential 
offer proceeds of around $600ut 

The significance is not so much 
the risk that borrowing covenants 
will now be breached - there is 
still a wide margin in hand - as 
that GPA will not have the 
increased borrowing capacity that it 
would have enjoyed as the result or 
enlarging its equity base. Thfa is 
overwhelmingly important since 
one of the biggest question marks 
about the company concerns its 
ability to finance future purchases 
of aircraft. Some $ 12 bn of firm 
orders have to be paid for by the 
end of the present decade. 

The company is now busy empha¬ 
sising that its future financing was 
never dependent on any single 
option. It will still aim to raise 
money in debt markets; and if Its 
credit rating is downgraded, the 
result, says Foley, will be to raise 
the cost of finance, but not to limit 
its volume. Moreover, GPA has 
shown considerable skill in packag¬ 
ing Its aircraft into the form of secu¬ 
rities which it then sells to invest¬ 
ment institutions. A deal of this 
Mnri completed just before the flota¬ 
tion will bring in cash proceeds of 
between $400m and 8450m. Others 
are being contemplated. 

GPA. according to one of the 
advisers to the issue, is still a good 
company. There is no reason, he 
adds, to deduce anything about its 
value on the basis of a poor market 
response at a single print in time. 
White few question the impressive¬ 
ness of its performance in a dismal 
period for the air leasing business, 
it is nonetheless hard to believe 
that the pulling of the public offer 
will not be bruising. Or that GPA 
will not be asking questions about 
the quality of the advice it received. 

Having grow n on the back of the 
great credit boom of the 1980s GPA 
now accounts for 10 per cent of all 
new orders from the world’s aircraft 
manufacturers. It shoulders a dis- 

While few question the 
impressiveness of its 
performance, it is hard 
to believe that the 
pulling of the offer will 
not be bruising 

market was weak at the 'opening. 
When it became clear that US inves¬ 
tors were showing little enthusi¬ 
asm, interest around the world 
started to evaporate. This was just 
10 days after GPA had been told by 
its advisers that the number of 
shares on offer could be increased. 

Part of the problem was that US 
investors were worried about 
depressed conditions in the airline 
industry. Despite the feet that GPA 
derives only 10 per cent of Its busi¬ 
ness from the US, “we didn’t", as 
Maurice Foley put It, “uncouple 
ourselves from that”. 

But rumours about the impending 
nnllnpga of another US airline did 
nothing to help. There was talk in 

the markets about GPA's relation¬ 
ship with America West, which is 
under the protection of Chapter 11 
bankruptcy. Yet Foley points out 
that America West is up to date 
with all payments due to GPA 
The blow to the morale of GPA 
and Its management is palpable and 
may bear particularly heavily on Mr 
Ryan himself, who has a $35m loan 
from a banking associate of Merrill 
Lynch secured on shares in GPA 
Nobody can now be sure what those 
shares are worth. And while Mau¬ 
rice Foley pointed out yesterday 
that the company still has a surplus 
of $800m over the book value of its 
aircraft which has not been written 
into the balance sheet, that value is 

proportionate amount of the risk in 
the industry on a very slender 
equity base. Against that back¬ 
ground it has worried some institu¬ 
tional investors that its accounting 
policies are not uniformly conserva¬ 
tive, notably in relation to deprecia¬ 
tion. And after It sells aircraft to 
Investors It is often still at risk 
because it guarantees to underwrite 
a minim um level of proceeds on any 
liiture rale. 

That means that GPA can ill 
afford to slow down. If it does, it 
will be obliged to renegotiate orders, 
for new aircraft. The company is 
confident that it can handle the 
strain if it comes to that, because 
the manufacturers have no more 
desire to deliver planes which do 
not go Into service than GPA has to 
take delivery on an unprofitable 
basis. But nor are the manufactur¬ 
ers charitable institutions. They are 
entitled to take back part of the 
discount granted on GPA’s bulk 
purchases in the event of cancella¬ 

GPA has demonstrated its resil¬ 
ience In the past. The question now 
is whether it can persuade investors 
that such a complex, highly individ¬ 
ual business is really suitable for 
public flotation at any point in the 

Joe Rogaly 

Major’s privatisation 
of personal choice 

Forget about the 
Labour party. Yes¬ 
terday’s quarrel¬ 
some inquest into 
its election defeat 
doubtless of 


great Interest to 
students of bio-di¬ 
versity. They may 
wish to protect 
even the most suicidally-inclined of 
endangered species. The rest of us 
do bettor to study real events. 

One such took place on Tuesday 
night, when Mr John Major 
addressed the 15th anniversary din¬ 
ner of the Adam Smith Institute. 
The prime minister said next to 
nothing new, yet his speech was a 
revelation. It turns out that when 
he indicated during the April cam-' 
paign that he would, as he now puts 
it, “privatise choice”, he really 
meant it If "privatise choice" puz¬ 
zles you, hang on a moment All 
will be made plain. But first note a 
second event of political signifl-. 
cance. This occurred on Wednesday. 
The protagonist was Mr Norman 
Lamont He was addressing a busi¬ 
ness gathering in Surrey. “In two or 
three years,” he. said, "people will : 
look back and see that it was now, ’ 
(hiring this critical period, that the 
right decisions were taken.” 

Put these speeches together and 
you have a clear picture of the 
strategy for British domestic policy 
over the medium term. The econ¬ 
omy will he tightly managed. The 
discipline of the exchange rate 
mechanism remains in place. Thera 
was no panicky cut In interest rates 
before ihe election; In the chancel¬ 
lor’s view there is no case for one ■ 
now. The government’s ambition Is 
to halve the inflation rate to 2 per. 
cent or 3 per cent and keep it faffing 

towards zero. This squares with the 
Treasury's attempts to force public 
expenditure planning totals for 
1993-94 down below the levels 
agreed in the pre-election round. 

So far, so predictable. Election 
bribes are there to be taken back 
when yon have won. That estab¬ 
lished, we can return to “privatising 
choice”. Mr Major’s explanation of 
this intriguing phrase is that 
“where once socialism nationalised 
or municipalised personal choice, 
taking it away from the individual 
end the family, we wifi, give choice 
back to them and extend it further”. 
This, he told the institute, is “the 
greatest and most far-reaching” pri¬ 
vatisation, and “the one to which I 
am most committed”. As I see it, 

At home, Major is 
selling an improved 
version of Thatcher’s 
conglomerate, United 
Kingdom pic 

three consequences follow. The pub¬ 
lic services will be turned 
upside-down. Local government will 
be further diminished. And there 
will be no extra money to ease this 
revolution through. 

Take central government first. 
The Citizen's Charter is not wel¬ 
comed by the Civil Service, but No 
10 Downing Street is determined to 
promote it. it Is holding another 
seminar on the subject I assume 
that they will be wearing their 
lapel-badges. Contracting-out of ser¬ 
vices, a success in local govern¬ 
ment, will be attempted in central 
departments and agencies. This 
must be about as popular with offi¬ 

cials as a 10-year stretch in Canary 
Wharf. The mandarins intensely 
dislike open government, but an 
attempt will be made to weed 
secrecy clauses out of many exist¬ 
ing laws. Do not hope for too much. 
Government self-regulation of what 
should and should not be secret is 
never to be trusted. 

There are few contemporary head¬ 
lines in all this, but the net effect 
could be dramatic. The structure of 
Britain’s central administration in 
2000 might be unrecognisable to 
anyone who last raw it In, say, 1980. 
Those who look for local govern¬ 
ment around millennium-time may 
need a magnifying glass. The great 
town hall barons of the 1970s, with 
their direct labour forces, council- 
house fiefdoms, and monopolies 
over state education services will 
have been swept away. The local 
government commission will doubt¬ 
less reduce the number of local 
authorities. Mrs Margaret Thatcher 
started the process of rescuing 
council tenants from local authority 
control; Mr Major is clearly deter¬ 
mined to complete the Job. 

Most strikingly, the education ser¬ 
vice is being taken away from local¬ 
ly-elected bodies. This Is apparently 
not centralisation. "No bureaucrat 
decides whether a school should 
apply to become grant-maintained,” 
says Mr Major. “It is the governors 
and parents.” Yet control over local 
governance follows the money to 
pay for it; seven-eighths of council 
revenue from taxation is now 
received in the form of cheques 
from Whitehall. When it comes to 
sink schools, Mr Major intimated on 
Tuesday, control will be direct, "if 
the governors or the local authority 
are unwilling or unable to put 
things right, then we must find 

ways to raise standards in them.” - 

For the rest, it will be indirect 
The universities, polytechnics and 
sixth-form colleges already have 
their own appointed “funding coun¬ 
cils”; a similar non-elected interme¬ 
diary body for the country's 4#M 
secondary schools cannot be far 
behind. This will surely require a 
fresh corps of administrators. Even 
Mr Major’s government is wary of 
taking on the country’s 24,000 pri¬ 
mary schools, although it seems to 
think that by allowing groups of 
them to become self-governing It 
can keep the new intermediary 
bureaucracy to a minimum. 

There is more. “The inspection of 
key public services... will be... in¬ 
dependent of the services they 
inspect," said the prime minister.: 
Schools are being given a new free- 
range inspectorate; social work 
departments will likewise be 
audited by outriders. Throw in a 
couple of new organograms there. 
Add just one more for the better 
management (with no extra money) 
of the police. “There should be a 
policeman passing your door regu¬ 
larly, and not just when the bur¬ 

glars have cafled." said Mr Major. - 

Much of this programme makes 
sense. It is also likely to be popular. 
Concentrating on individuals and 
their needs is the spirit of the age. 
It may even be applied to pensions 
■ policy. Here the Tory inclination is 
to fund-members’ rights of owner¬ 
ship. to tire funds to which they con¬ 
tribute. Mr. .Robert Maxwell's thiev¬ 
ery give a political force to such a 

Yet something is missing from 
the whole picture, and hoe I do not 
mean. cash. What is to be the role of 
local democracy? Are peopieaiways 
to be mere customers, except once 
In four or five years at general elec* - 
Sons? Mr Major £s : saying that 
Whitehall knows , best Local coun¬ 
cils may merely manage the collec¬ 
tion of rubbish, town planning, and. 
old people's homes. In. Europe he - 
bangs the drum for subridfarity. At 
home, he is selling an improved ver¬ 
sion of Mrs Thatcher's conglomer¬ 
ate, United Kingdom pic. Us board 
is packed with Conservative minis¬ 
ters. Shed no-tears for them. Thjty- 
will keep their jobs - as long, as 
they please the customers, . 

V v 


. * 

-■= •* '.‘r. • ■' 7 ;. 

fei tea chi; 





g§ Ininas of reform blow in 
from a prosperous coast 

•$ 0 ;. provinces are hungry for a market economy, but there is 

a risk of overheating, writes Alexander NicoU 

k est month Mr Y u 

I Zhaoyong took a 

5 I j group of factory math 
• . ■ agets andbusiness- 
1aaa Changsha^ capital of 
7 >-:-V* Hunan province, to SEwnzheii 
v L special economic gone in the 

-V..'* of nniwp Their purpose 

was to study the zone’s, stock 
.- >• exchange, where rocketing 
prices are attracting money 
!> ^ V“< an d atte ntion from all over the 
< country. Changsha wants one 

; : too. ...... .. . 

_ • Mr Yu views the pronounce- 

meats of Mr Deng Xiaoping, 
the country’s paramount 
: ... leader and" champion of eco- 
-- , namic refonn, as Tike a spring 

wind blowing all over China". 
As director of Hunan’s com 
: mission for economic struc- 

twral reform, Mr Yu is a chief 

- ~ r architect of the development of 

' the primarily, agricultural 

•“ : -t- inland province. He plans to 
■<' attack its. inefficient state- 

- r. * ..owned industries and, like his 

-^counterparts in many other 
. provinces, sees the introduc- 

r ■’•‘-■ft tion • of share; ownership as a • 
: v-. central element of his strategy. 
V-. Structural problems - 
; : -i=c including unproductive state 
'> 7 .; industries and controlled 
prices - still dogChina’s econ- 
omy, even though Mr Deng’s 

—-,/• “open door" reforms have been 

;r . under waty since ism But the 
extraordinary growth of the 
files ftfv coastal southern provinces is 
, ll -‘ well-known to all Chinese. 

'■ c ' J l iiSij; Mr Deng’s new drive has 
v 4 unleashed a competitive frenzy 
1 ^ among provinces and cities 

‘‘n^SPv of the south. They are 

‘■“V* pushing ahead with ambitious 
■■■■■■■a* plans to boost industry, intro- 
... luce market reforms and 
attract Investment. 

■--* “If you cannot make big 
strides, you will be left behind 
1; ~ by the others,” says Mr Chen 
... : Binfan, vicegovarhor of Hunan 

~ '■ • province. 

' Belling is being deluged with 
• applications for special exemp- 
' tions similar to those of the 
special economic zones, which 
:. have seen the fastest growth, 
and for approval of plans to set 
-. z up stock exchanges and other 
markets. It is viewing them 
• . v with caution. 

While the provinces’ desire' 
. ... * to slough off the restraints of 

. _ the centrally planned economy 
is understandable, it risks 
: quickly creating the same 
• inflationary pressures that 
occurred twice in the 1980s. 
Consumer prices were rising at 
.nearly 20 per cent a year by 
. . 1988, when the government put 

’ f the brakes on the economy. 

' The increase in 1990 was only 2 
per cent, but this year’s is 
expected to be 7 per cent. 

Professor He JIanzhang, 
director of the institute of eco¬ 
nomics at the Chinese Acad¬ 
emy of Social Sciences, agrees. 
It is difficult to solve, the issue 
of overheating now that the 
emphasis is on provinces for- 

I China^h^reward^o^efomi 

muta t in g their own policies." 
The tendency to overheat 

authorities. Mr Li Guixlan, 
governor of the People’s Bank 
of China, the central bank, said 
in London yesterday that he 
had acted to tighten credit 
after the economy grew at an 
11 per cent annual rate in the 
first quarter, with industrial 
production growing at 18 per 
cent He said this would not 
halt the economy's advance, 
but that he would fine-tune 
monetary pol- ■ 

£ led s |in * 

nomlc growth MVC 560 
0^8 to 9 per prfceS, V 

Fledgling markets 
have seen soaring 
prices, volatility, 

at constant prices. Last year, it 
grew by 27 per cent, with per 

cent Growth this year could be 
even higher, and provincial 
authorities are rewriting the 
1991-96 five-year plan to accom¬ 
modate higher growth targets. 

Most of the growth stems 
from foreign investment in 
joint manufacturing ventures 
and is concentrated in the 
Pearl River Delta, where the 
economy is rapidly integrating 
with that of Hong Kong. 
_ But even in 

markets P“ an e d » n «- 

. there remain 

Soaring chronic prob- 

tlafilifv terns. In spite of 

iiaaniy, tte gT0Wth of 

The view in overs trained systems the private sec- 
Beijing is that violence tor - state-owned 

some provinces 
wiU have 

scale down their expectations. 
While coastal provinces such 
as .Guangdong can raise, their 
already rapid growth rates, 
Prof Hie warns: “Some Inland 
provinces and remote areas, 
because they lack infrastruc¬ 
ture and transport and energy 
resources, cannot indiscrimi¬ 
nately speed up their economic 

It is easy to see why the 
south's rapid growth inspires 
emulation. During the 1980s, 
the value of industrial produc¬ 
tion in Guangdong, the most 
prosperous province, grew by 
an average 20 per cent a year 

enterprises still 
account for 44 
per cent of industrial output in 
Guangdong, and 30 per rent of 
these axe loss-making. 

Hie figures for other prov¬ 
inces are higher. The difficul¬ 
ties span the spectrum of 
industry, from coal, power and 
machinery to consumer dura¬ 
bles. Factories still chum out 
unmarketable products. 

Central and provincial gov¬ 
ernments have tried various 
means to turn them around, 
chiefly “contract responsibil¬ 
ity”, designed to separate own¬ 
ership from management. 
Enterprises take responsibility 
for their finances and may 

np a storm in Bonn with his 
> new book which fiercely 
criticises the quality of the 
country’s political leadership. 
So who does run Germany 
r today? 

~L\ One group whose influence 
?■: certainly Iras not waned is the 
;■ august body of German 
economics professors. 

Sixty members of this 
, fraternity discomfited, the 

* government only last week 
by si g nin g a petition against 
European monetary union. 

. Theo Waigel, the finance 

minister, staunchly backed 
' by the chief economists of the 
^ big three German banks, did 
r his best to counter the 

academics * criticisms. But, If 
history is anything to go by, 
it seems likely that the 
professors’ views will prevail. 

£ The last time that the 

. economics profession caused 
a awflar flurry was In 1969, 
when 100 economics professors 
signed a public statement 
conde mning the government’s 
refusal to revalue the 

The episode was one of the 
contributory factors behind 
the breakdown of the Grand 
Coalition government ted by 
Kurt Georg Kiesinger. Five 

months teter, the professors 
won the day when the Bonn 
government - a Social 

Democrat administration 
under Chancellor Willy Brandt, 
Mowing Kiesinger’s 
ignominious autumn departure 

• - derided the second 

f revaluation of the D-Mark 
since the war. 

Genrum. professors are 
teng-ifved animate. So, fcr 
conspiracy theorists at least, 
it is worth pointing out that 
the Mestprofessorial 
broadside was supported by 

. several who also signed the 

■ Why is it that most of us 
would “extract” water but the 
National Rivers Authority 
warns about excessive 

Of the industry’s several 
contradictory explanations, 
the one that makes the most 
sense is that “extraction 1 * is 
permanent while "abstraction” 
implies that the water 
eventually will be returned 
to the river. 

Observer suspects that, 
unlike the hapless River 
parent, this one may run and 

All aboard 

■ How long should a 
non-executive director sit on 
the board of a major company? 

Sir John Hoskyns, who has 
almost finished revamping his 
Burton board, says that three 
years is “absurdly short” while 
five to seven years, is 
“optimum". After that there 
is a danger that a di recto r loses 
his impartiality by getting too 
close to the company. 

Since Sir John took over the 
Barton chair in November 1990 
he 1ms behaved like a model 
corporate citizen. The 

TITri pafigmcui. — 

completely overhauled, the 
finances have been stabilised 
- thanks to test year’s rights 
issue - and he has recruited 
an impressive array of 
non-executive directors. 

Yesterday, Whitbread’s Peter 
Jarvis, and Caroline Marland, 
deputy managing director of 
The Guardian, were added to 
a list of non-execs which 
includes Bats’ Brian Garre way 
and John Brown, an did 
property hand. 

“Beer tent.. beer tent... 

Not only is their arrival 
anntTiflr si gn that BUTtOD is 

over the worst but it means 
that whatever else the 
company lacks it will not be 
short of expert advice. But the 
presence of the new faces is 
yet another reminder that 
Mark Liftman and Ladislas 
Rica, the last of the old Burton 
non-executive guard, have 
long since passed their sell-by 

Flight of fancy 

« Prudential has long been 
r unning commercials on how 
Britain's wives long to be free 
- and it is easy now to see 
why. An NOP survey released 
by the Pru yesterday revealed 
that only 53 per cent of British 
women would stay with their 
husbands if they had the 
choice of a Continental man 

They viewed Italian men 
ss the hottest prospects - U 
per cent of the women would 
prefer one. The French came 
second with 6 per cent, while 
Greeks, Spaniards and 
Dutchmen tied at two points 
lower, Danes, whether or not 
boosted by their macho 

Still at sea 

■The Salvage Association 
sounds an appropriate sort 
of resting place for those 
discarded on the political 
scrapheap. So John Butcher, 
who produced a crushing 
defeat for the Conservatives 
when standing against Shirley 
Williams in the 1981 Crosby 
by-election, and who has jnst 
arrived as the Association's 
chief accountant, should fit 
in well enough. 

In fact, the salvage with 
which Butcher wOl be 
concerned is not personal, but 
rather marine in nature - the 
organisation being in the 
business of banding out 
technical advice to the London 
insurance market about 

marina clajms. 

Butcher's connection with 
the sea? “I can’t comment on 
that, my role is to look after 
finance; my colleagues don’t 
expect me to know about 
safety at sea,” says the Royal 
Navy Reserve Volunteer of 
ten years'standing. 

Feeling better? 

■ "AH staff are requested to 
ensure that their bodies are 
maintained in such a way that 
te conducive to a healthier, 
wealthier and happier being. 
Please remember that 
excessive sick leave will be 
reflected in September bonuses 
and subsequent animal salary 

NiJeko Copitoi Management 
(UK), in its latest memortmdum 
to staff. 


Number One Southwark Bridge, London SE19HL 

Fax 071 873 5938. Letters transmitted should be dearly typed and not hand written. Please set fax for finest resolution 

plough above-target profits 
back into their bos messes. 

But who takes responsibility 
for losses? China's bankruptcy 
law has been tittle used. For 
many state enterprises, how¬ 
ever well run. It is impossible 
to make a profit without the 
freeing of officially fixed 
prices, a process which even 
optimists in the government 
admit will take many years. 

Moreover, each reform trig¬ 
gers the need for a series of 
farther steps. Making indus¬ 
tries more efficient, for exam¬ 
ple, Involves making new 
arrangements for surplus 
workers, who are housed, fed 
and cared far by their employ¬ 
ers. But efforts to create an 
alternative social security sys¬ 
tem are still nascent. 

Facing these huge obstacles, 
officials all over China have 
lighted upon employee share 
ownership schemes as one way 
to revitalise state Industries. 

In Guangdong, eight profit¬ 
able state-owned companies, 
ranging from a huge electronic 
fen maker to a manufacturer of 
monosodium glutamate, have 
been chosen for an experiment 
Thirty per cent of each is being 
sold to employees for a nomi¬ 
nal price. In theory the shares 
cannot be sold for a year, but 
nfffciai« «w»m undist urbed that 
employees might sell after only 
a month or two and that unof¬ 
ficial prices are developing. 

Officials are attracted by the 
Chinese propensity to save. 
They reason that if savings 

provide investment funds and 
help to revitalise industries. 
Share-owning employees would 
also have a greater incentive to 
perform, they believe. 

However, Beijing is cautious 
about allowing more stock 
exchanges. The fledgling mar¬ 
kets in Shanghai and Shenzhen 
have seen soaring prices, vola¬ 
tility, overstrained systems 
and violence, with investors 
pouring money in because few 
other worthwhile investments 
are available. Nevertheless, Mr 
Fan Hengshan, senior econo¬ 
mist in the central govern¬ 
ment's economic restructuring 
commission, says: “We think 
that most state enterprises can 
be transferred to the share¬ 
holding system.” 

The 300 employees of the . 
Changsha Municipal Musical 
Instrument Factory would no 
doubt agree. Their profits have I 
risen 20 per cent a year since 
they were allotted shares three i 
years ago, and they have been : 
earning dividends. The com- , 
pany has expanded from vio- ! 
fins, gongs and drums into 
cooking utensils. ] 

The enthusiasm for shares is, I 
however, symbolic of the 
erratic pace of China’s develop¬ 
ment The planners risk treat¬ 
ing share ownership as a pana¬ 
cea, while continuing to put off 
more fundamental reform. 

Telecoms in 
need of a 

From Mr/M Harper. 

Sir, Your leader “Time to 
review the regulators" (June 
10 ) was right for telecoms in 
many respects, although it 
missed one point. The regime 
and the work of Oftel undoubt¬ 
edly need review. Sir Bryan 
Carsberg is much respected in 
the industry. But could It 
really be correct for him as the 
new director-general of fair 
trading to review his past 
actions as director general of 

fB|ffw mwnn<witin ptf 

ORaTs accountability to par¬ 
liament certainly needs 
strengthening. The House of 
Lords does not at present have 
a role in these matters. It has a 
unique collection of public fig¬ 
ures with experience between 
them both of r unning and of 
overseeing the big utilities. 
They could play a valuable 
part in improved machinery of 

But this will not be enough. 
Telecoms has a special prob¬ 
lem. Unlike that of electricity, 
BTs structure was left unal¬ 
tered at privatisation. It is 
so big that It overshadows 
its competition; and as a 
private sector near-monopoly 
it presents government with 
even greater difficulties of 
oversight than its public sector 

Costs that influence central 
banks’ mood for Maastricht 

This is the heart of the mat¬ 
ter. Last July you advocated 
change in structure for tele¬ 
coms. You were right 
J M Harper, 

11 LuMrigton Close, 

Seaford, East Sussex BN25 4JH 

From Mr Robert Pringle. 

Sir, There is evidence to sup¬ 
port Observer’s suspicion 
(“Banker’s cutback”, June 17) 
that some EC central banks are 
"expensive"; or at least that 
their running costs vary 
widely. Using from 
reports and information sup¬ 
plied by the central banks, 
Central Banking puts the oper¬ 
ating expenses of five EC 
banks in 1990 as follows: Bund¬ 
esbank DM2bn (JL35bn); Bank 

view of 

From Mr Christopher Whalen, 

Sir, Edward Mortimer's 
article (Foreign Affairs, June 
10) about Mexico contains use¬ 
ful insights, but shows how 
journalists are frequently 
charmed by attractively 
adorned dictators. 

The National Solidarity Pro¬ 
gram did not spring from Safi¬ 
nas’ work at Harvard, but out 
Of political necessity. The job 
of stealing an election, for 
example, is made easier if only 
a quarter or even half the pre¬ 
cincts require rigging. In con¬ 
trast to massive, pre-election 
social spending programmes of 
the 1960s and 1970s, Pnmasal is 
a rifle-shot approach to acquir¬ 
ing political support, but one 
with neither transparency nor 
public accountability for the 
sources and uses of funds 

The PRT uses Solidarity to 
faunal hundreds of millions nf 

of Italy LUlo bn ($L34tm); 
Bank of France FFr6.52bn 
($l_ 28 bn); Bank of England 
£X70rn (J294m); Netherlands 
Bank FI 227m (fi20m). Where 
possible these figures exclude 
the cost of printing h ank notes. 

There are obviously histori¬ 
cal reasons for these varia¬ 
tions: staff numbers vary 
widely, from over 16 J 100 In the 
case of the Bundesbank and 
Bank of France to U 600 In the 
Netherlands Bank, as do the 

dollars into public works pro¬ 
jects in opposition strongholds, 
buying votes from otherwise 
recalcitrant citizens. Mortimer 
paints an image of Mexicans 
t hanki ng El Presidents for his 
generosity, a surreal scene 
reminiscent of feudal 

Mortimer rightly observes 
there is no effective political 
opposition In Mexico (at the 
moment, at least). But he fells 
to note that the vast political 
and financial advantages made 
possible by Washington’s sup¬ 
port, and the related access to 
foreign credit, make discussion 
of effective political opposition 
to single party PRI rule an 

Mortimer criticises the lim¬ 
ited role played by the press, 

I but might rather have said 
i that honest Mexican journal¬ 
ists live with very real danger. 
Indeed, consider the privileged 
foreign journalists: First, the 
visiting scribe, like Mortimer, 
attends a carefully orches¬ 
trated political rally and rides 
comfortably in the presidential 
jet The result a filtered, pas¬ 
teurised look at Mexico, 
though thankfully Mortimer 

functions performed by the 
banks. Nevertheless, central 
bankers are well aware that 
their costs will come under 
closer scrutiny as they travel 
down the road to Emu, which 
is one reason why some of 
them are less than enthusiastic 
about the Maastricht Treaty. 
Robert Pringle, 

Central Banking, 

53 Claranood Court, 

Cranford Street, London Wl 

does mention the violent 
deaths of journalists. 

Then there are the local cor¬ 
respondents, the insiders, who 
know the realities and players 
in Mexico City very well 
indeed, but decline to write 
about difficult subjects like 
fraudulent elections, trade defi¬ 
cits, drugs, or corruption 
within the privatisation pro¬ 
cess, for fear of being excluded 
from the next drinks party In 
fashionable Poianco. 

Dictatorships like China, 
Mexico and Kuwait will disap¬ 
pear only when journalists 
stop treating them with undue 
reverence. If we could but 
pierce the carefully wiaintain«i 
feqade of SaHnastroika with 
well chosen words, Mexico’s 
people might feel our moral 
support, as did the peoples of 
eastern Europe, and thereby 
discover the will necessary to 
create a truly viable democ¬ 
racy. Viva Zapata! 

Christopher Whalen, 

The Mexico Report, 

1717 K Street NW, 

Suite 700, 

Washington DC 20006 

More academic specialists needed for antiques fair vetting 

From Mr A Kenneth Snowman, 

Sir, I also was saddened by 
the headline “United front fells 
apart” (June 13) on an other¬ 
wise completely just report 
from Susan Moore - the fair 
at Grosvenor House is doing 
well, looks very good and is 
certainly not felling apart. 

The president and members 
of the executive of the Gros¬ 
venor House Antiques Fair 
(Letters, June IS) are well 
aware of my own feelings 

about the appeal which 
reversed the earlier ludicrous 
rejection by the vetting com¬ 
mittee since I wrote to them on 
June 14 as follows: “As we 
knew would be the case, you 
conducted our appeal in the 
matter of the Burgundian 
Jewel in an entirely exemplary 
way and this was in the brat 
tradition of the association.” 

That, however, is not what ft 
is all about What 1 and my 
colleagues were not pleased 

about was the wholesale rejec¬ 
tion this year of - again I 
quote - “so many perfectly 
good objects from our stand 
(dramatically more than ever 
before In our long experience) 
many of which had been exhib¬ 
ited during previous years.. .1 
feel it is essential that many 
more academic and disinter¬ 
ested specialists be brought in 
as we have been suggesting by 
letter for the last three years”. 

I am happy to say that this 

policy is now being pursued 
and I hope, as a former presi¬ 
dent of both the British 
Antique Dealers’ Association 
and The Antique Dealers' Fair, 
that ft gains momentum, and 
that the judgment of the vet¬ 
ting committees will in the 
future be beyond reproach for 
the benefit of everyone. 

A Kenneth Snowman, 


14 Grafton Street, London Wl 


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Property Advisors to 
Landholders and Banks 

TEL: 071-248 7464 

No shortage of advice for a Dublin voter as Ireland went to the polls for a referendum on the Maastricht treaty yesterday 

Referendum will decide future of European political and monetary union 

Irish vote on Maastricht treaty 

By Tim Caone In Dublin 

THE FUTURE of the Maastricht 
treaty on European union could 
be clearer today after the results 
of the Irish Republic’s referen¬ 
dum on the treaty are announced 
around midday. 

If the referendum produces a 
“yes” majority, however slim, 
that the treaty lives on, at least 
for a while. But if the Irish follow 
the Danes In rejecting Maastricht 
even by a few thousand votes, 
toe pact for political and mone¬ 
tary union win die, at least in its 
present form. 

Good weather and a religious 
holiday yesterday appear to have 
favoured a better than average 

turnout of voters. An estimated 
5065 per cent of the 26m voters 
were thought to have gone to the 
polls, though that would foil well 
short of the record 71 per cent 
turnout in 1072 when Ireland 
voted overwhelmingly to join the 

A steady flow of voters 
appeared at polling stations dur¬ 
ing the morning, many. of them 
coming straight from Mass. 
There was a 44 percent turnout 
in the last referendum in 1987, 
winch was called to ratify the 
Single European Act and which 
was passed by a 7030 margin. 

It is thought that a high turn¬ 
out will favour a “yes” vote. 
Opinion polls have predicted a 

two-to-one majority in favour, ■ 
although the M gh level of unde¬ 
cided voters on the eve of polling 
day added a strong element oE 
uncertainty to predictions over 
the likely outcome. 

Fears of a possible last-minute 
move by the Catholic Church to 
recommend a “no” vote flam the 
pulpit appear to have been 


The government made a final 
push to persuade voters in favour 
of the treaty. The entire cabinet 
and senior officials from the rut 
ing Flanna foil party were out 
canvassing at polling stations 
around the country. 

However, leaders of the.. 
National Platform, which has 

been campaigning for a “no” 
vote, claimed the main political 
parties were unable to mobilise 
their rank-and-file. 

A “no” vote would not only UH 
the Maastricht Treaty In its pres¬ 
ent form, hot it could also bring 
into question the political future 
of Mr Albert Reynolds, the Irish 
prime minis ter. He has cam¬ 
paigned vociferously for a “yes”. 
vote, but has also faced intense 
criticism from his allies for what 
has generally been perceived as a 
lacklustre and badly organised 
campaign by the government and 
Flanna Fail party in favour of the 

Irish mist descends, Page 2 

Defers fears ‘stagnation and crisis’ 

By Ian Davidson In Paris 

THERE will be “stagnation and 
crisis” if the Maastricht treaty on 
European union la not ratified, 
Mr Jacques Defers, president of 
the European Commission, 
warned yesterday. 

He predicted the Community 
would then turn into a free trade 
area. “At the smallest confronta¬ 
tion between member states, 
there would be a new crisis, until 
in the end the free trade area 
itself would disappear," he said 
In an interview with Figaro 

Asked about the implications if 
the treaty were to be defeated in 
the French referendum, Mr 
Defers said: “There would be a 
general panic, because France 
has made its mark on the con¬ 

struction of Europe ever since 
the beginning. And as for as I am 
concerned, the dream would have 
been shattered.” 

Mr Defers acknowledged that 
he and the Commission had both 
come in for criticism. “I am con¬ 
tested, that is true, but so much 
the better,” he said. “It proves 
that I am not an antiseptic and 
immovable bureaucrat behind his 
desk,” he said. 

But he parried the im p lica ti on 
that the Commission was to 
blame for the current crisis in 
the Community. “The Commis¬ 
sion is under scrutiny, but it is 
not alone; there is also the coun¬ 
cil of ministers, the European 
parliament and the national gov¬ 

The main threat facing the 
Community, he s a id, was the fee¬ 

ble quality of democracy in the 
member states. The Maastricht 
treaty was intended to provide a 
remedy for some of the demo¬ 
cratic deficiency in the Comma- 
nity, with a stronger role for the 
European Parliament “As for the 
rest of the democratic d e fi cit," he 
said, “that is the internal affair of 
each member state” 

• A narrow majority among the 
17 European commissioners has 
come out in favour of letting a 
small number of European Free 
Trade Association countries into 
the Community, without any fur¬ 
ther institutional changes beyond 
those already contained in the 
Maastricht treaty, writes David 
Buchan in Brussels. 

This view, emerging from a 
confidential Commission discus¬ 
sion on Wednesday, will he 

relayed to tomorrow’s meeting of 
EC foreign ministers, called to 
prepare next week's Lisbon sum¬ 
mit where fhture enlargement of 
the Community will be discussed. 

The surge in anti-Maastricht 
opinion has changed the Commis¬ 
sion's prevailing sentiment, 
which had been that changes 
such as more majority voting - 
beyond that enshrined In the 
Maastricht pact - would be 
needed for a more numerous 
Community to function. The pre¬ 
dominant Brussels view is now 
that for three or fburEfta states 
to join the EC in the 1990s, would 
require only technical adjust¬ 
ment to the number of commis¬ 
sioners and MKPs. 

Major’s determination. Page 6 

Chinese central bank tightens 
credit to slow economic growth 

sons charged 

Continued from Page 1 

By Alexander Nlcoll, 
Asia Editor, In London 

CHINA’S central bank has acted 
to tighten credit in an attempt to 
prevent the economy from over¬ 
heating as a result of rapid 
growth, its governor said yester¬ 

Mr LI Guixian, governor of the 
People's Bank of China, said dur¬ 
ing a visit to London that the 
economy had been growing at an 
annual rate of 11 per cent during 
the first quarter of 1992. 

Industrial production in China 
was up by 18 per cent, and 
imports rose by 23.5 per cent, 
while exports were up only by 
126 per cent 

The People’s Bank has imposed 
special reserve requirements on 
banks - increasing the propor¬ 
tion of their deposits which they 
must lodge with the central bank 
- and tightened credit ceilings. 

Mr Li said it was considering 
Increasing interest rates, but 
would not make a final decision 
for two or three months. 

China's economy has gone 
though a series of boom-bust 
cycles in the past decade. The 
most recent retrenchment was 
relaxed last year, and economic 
growth was boosted in January 
when Mr Deng Xiaoping, the 
country's paramount leader, 
exhorted the nation to undertake 
more radical reform. 

Asked if the latest measures 
would cause another drop in eco¬ 
nomic growth, Mr Id said: “1 do 
not think that we will have 
another similar slump as in ear¬ 
lier years because we have 
teamed from experience. Now we 
are mainly relying on monetary 
policy to maintain GNP growth 
at 8 to 9 per cent” 

His actions may indicate offi¬ 
cial fears that inflation is run¬ 
ning at a higher level than fig¬ 
ures suggest. First quarter 
statistics show inflation of 5 per 
cent, compared with last year’s 3 
per cent However, economists 
believe that in some areas infla¬ 
tion is significantly above the 
official figure. 

Mr Li said he would take mea¬ 
sures to tighten credit if inflation 
was above 10 per cent, and to 
loosen it if Inflation fell below 5 
per cent 

“I am very confident that infla¬ 
tion this year will be under con¬ 
trol at 6 to 7 per emit because our 
monetary policy is effective," he 

The government was continu¬ 
ing with reforms of banks and 
state-owned industries, Mr Li 
said, such that loans would be 
made only to profitable enter¬ 
prises making marketable, high 
quality products. 

However, he admitted.that the 
bankruptcy law had not been 
applied because there was no 
social security system to cope 
with unemployment 

“No effort is being spared to 
improve the social security sys¬ 
tem,” Mr U said. “Once it has 
been fully established,¬ 
ruptcy law will be fully and 
strictly implemented.” 

Winds of reform. Page 15 

start for at least two years. 

Mr Kevin Maxwell was bailed 
on sureties of £500,000, Mr Ian 
Maxwell on sureties erf £250,000 
and Mr Trachtenberg on sureties 
of £300,000. Sureties were pro¬ 
vided by friends and family. All 
three were ordered to surrender 
their passports, not to leave the 
UK and to live at home. 

After the hearing Mr Kevin 
Maxwell said: 

“After seven months of trial by 
rumour, of trial by innuendo, of 
trial by selective press leaks and 
of prejudicial media reporting; I 
am really looking forward to 
bang able to defend myself in a 
court of law where I intend to 
vigorously and strenuously con¬ 
test all... charges against me." 

The arrest of Mr Kevin Max¬ 
well began in something dose to 
force. His wife Pandora mistook 
police for reporters, and shouted 
to the officers: “Piss off - we 
don’t get up for another hour." 
When officers rang the bell again 
she called out: “T_m about to call 
the police." They replied: “We are 
the police, madam.” 


Grounded at GPA 


Yesterday’s spectacular GPA flop 
should not necessarily add to the Lon¬ 
don market’s current woes. It is natu¬ 
rally unsettling when a much hyped 
Slim share offer - recently increased 
to accommodate supposed extra inter¬ 
national demand - is unexpectedly 
pulled at the eleventh hour. Yet there 
is good reason to believe that the ulti¬ 
mate lack of Investor interest was due 
to specific handicaps of the company, 
rather than to deeper disenchantment 
with flotations at this stage In the 
cycle. Wellcome for one wifi certainly 
hope so. 

GPA always faced an uphill struggle 
given the dire-state of the airline 
industry, intense price competition in 
the US, and persistent rumours of 
more airline bankruptcies. The combi¬ 
nation of its indebtedness ami huge 
aircraft purchase commitments fed 
many to suspect they were being 
asked to contribute to a rescue issue, 
while even sophisticated institutions 
had trouble graq^ng the intricacies of 
the aWfaft Uwairig business. With GPA 
faniring a dear home market, there 
were no oompelliiig reasons to sub¬ 
scribe given the risks. 

One inevitable question for GPA’s 
galaxy of advisers is whether it was a. 
mistake to use the-book bufiifixig sys¬ 
tem much f avou r ed in tire US, rather 
than to have the issue properly under¬ 
written fin which case at least the 
company would have got its money). 
The reality is that there was probably 
no alternative - all indications are 
that the institutions would have been 
reluctant to sub-underwrite, and that 
the costs of using other intermediaries 
would have been unacceptably high. 
The real culprit;seems to have been 
the Inflexible structure of the global 
offering. Far from inspiring creative 
tension between, the three main mar¬ 
kets, it allowed lack of interest in one 
to spread to the others. No single . 
financial centre was able to anchor the 

Egg has been liberally splattered 
across City faces: Nomura’s interna¬ 
tional ambitions have been dented; 
Schroders can hardly be proud of 
belatedly wooing the retail investor; 
And Goldmans will have some explain¬ 
ing to do about the disastrous 
response in the US, where expecta¬ 
tions look to have been for too high. 
For GPA, however, the problem is 
more than just a tarnished reputation. 
The company has not only been 
denied the proceeds of the float, but 
perhaps another $2bn-$3bn of bank 
borrowings to which it would have 
had access with an enlarged capital 

FT-SE Index: 2562.7 (-35.7) 

nestly of the need for adequate return 
on capital and. institutions are restive 
for higher payouts. But, as one of 
Japan's biggest fund managers 
remarked yesterday, if the corporate 
sector's return on equity is only w 
per cent a nd the medium-term outlook 
for dividend growth is 5-6 per cent as 
well, who would want to buy the mar¬ 
ket on nearly 40 times ear n i n gs? 


base. With net debt likely cm current 
cash flow forecasts to exceed commit¬ 
ted fodlities by the end of. the year, 
fervent efforts will presumably be 
made to securitise more of its. assets. 
Ultimately, though, GPA may hope to 
find a partner with deep pockets as 
ILFC did when it was taken over in 
1990 by the American insurer AIG. 
The question is whether there are any 
htiwin tha«» days. 


The latest slump In the Tokyo 
equity market is viewed locally with a 
kind of gloomy fatalism. Traditionally, 
the story goes, it has been the job of 
foreign investors, with their more 
rational valuation methods, to call the 
bottom of the market. Last year they 
did just that But domestic investors 
foiled to follow the lead, so the for 
signers have lost heart and there are 
thus no buyers left at alL 

The more apocalyptic talk about col¬ 
lapsing bank capital ratios leading to a 
credit crunch has largely died down. 
However for the Nikkei foils, the sys¬ 
tem will doubtless limp along. But 
there Is still profound gloom about 
corporate earnings. It is in the nature 
of the Japanese economy that recov¬ 
ery should be led by producers - or 
gnro rmnftnt . — f arther than consumers. 
When It comes to investing out of 
recession, Japanese companies are 
hampered not only by the higher cost 
of capital but by their prodigal over-in¬ 
vestment in the bubble years of the 
late 1980s. At that time, companies 
bought market share regardless of 
profit and Investors bought stock for 
capital gain regardless of income. 
Now, corporate executives talk ear- 

Sevem Trent 

Yesterday’s annual results leave no 
doubt Severn Trent paid too much for 
Biffa, the waste management company 
it bought from BET after the start of 
the flwanriai year. Thanks to the 
recession, Biffa contributed a disap¬ 
pointing an wi, against financing costs 
of more than Barring a vigorous 
ywanmifl recovery,.it will make only 
around £15m this year. So it is still a 
fewg way from carering its costs. 

Granted, Severn Trent has been sen¬ 
sibly cautious In accounting for the 
acquisition. Biffo's landfill business in 
particular looks to hare fine scope for 
growth By middecade, the division 
should be making the steady unregu¬ 
lated flaming fl for which it was pur¬ 
chased. The question is whether it will 
be worth the wait Severn’s annual 
dividend was increased by 10 per cent, 
thanks in part to £46m of efficiency 
gains, but the company's earnings will 
be nnder pressure this year as a com¬ 
bination of interest and depredation 
charges begins to bite. 

Small wonder, then, that the com- ! 
pany is stressing Its record in the reg 
ulated water business. The group 
invested nearly £600m last year, and 
claims the lowest average water 
charges in the country, even though 
its franchise covers a relatively dry 
region. Its capital spending pro¬ 
gramme has already peaked. Severn 
Trent can keep its dividend running 
ahead by sacrificing high cover, but 
that, is hardly ah inspiring outlook. 

- : l ? “ 


S 3*®* 5 


' v 

-• ,a £i -- 


TV companies 

Yesterday’s agreed offer by York¬ 
shire for Tyne Tees comes as little 
surprise. After all, both companies 
paid through the nose for their TV 
franchises last autumn, and desper¬ 
ately need cost savings to enhance 
shareholder returns. The comparison 
with Granada, with an annual pay¬ 
ment obligation to the Exchequer of 
around £27m, is Instructive. Across 
the Fennihee, with a broadly similar 
share of 1TV advertising revenue, the - 
merged moguls will need to find £63 hl 

strskers mai 

SlSemi expec 

Net Profit tlu-ough Networking 


Building Ru.<,inesfl Networks 
•Newbridge Networks Ud. 

O633 -113600 071 6380022 




Friday June 19 1992 



Teamwork in Construction 
Housing Property Trading 


O&Y outlines plan 

to restructure debt 

Olympia & York yesterday outlined a new debt- 
restructurjng proposal which would include 
extending repayments on most of its debt tor 
five years. Meanwhile, a group of Canadian 
banks applied to the Ontario court of Justice to 
terminate interest rate swaps with O&Y The 
banks say the value of the swaps is declining 
as interest rates fall. Page 20 a 

Manweb profits up 60 . 5 % 

Manweb, the. Chester-based regional electricity 
TOmpany, ywterday reported a pre-tax profit of 
E94 -*’ n } (5176.6m) for the year to March 1992, 
up 60.5 per cent The company's core dfstribu- 
tton business increased its profit by 83 per cent 
to £106.3m. Page 23 

Meat-eaters chew up Cranks 

A management buy-out, led by two meat-eat¬ 
ers, has bought eight restaurant/takeaway out¬ 
lets and the brand name of tbe Cranks 
vegetarian restaurant chain. Cranks will be to 
many forever tarred with a flippy image, but 
the driving forces behind the buy-out hope to 
naif those prejudices; Page 24 

Nutmegs face the chop 

The world's two largest nutmeg producers are 
contemplating the destruction of about 10,000 
tonnes of stocks to stiffen the market and 
improve prices. Page 32 

May is the crueHest month 

May was a volatile month for turnover-in Euro¬ 
pean stock exchanges. Italy-had periods of 
excitement, but the Danish “No" vote to the EC 
Maastricht treaty brought fear back into the. 
Milan bourse at the beginning of June. 

Back Page 

Japan’s brokers maintain hope 

Japan's four mato brokers reported generally 
lower profits from- their overseas operations 
last year. While Nomura Securities was the : 
only one of the quartet to report a consolidated 
after-tax profit test year, ah four brokers expect 
to return to profits this' year. Page 21 

National Semi expects upturn. 

National Semiconductor, the.US chipmaker 
undergoing restructuring, yesterday reported 
fourth quarter net earnings erf 527.5m up from 
$5.6m a year ago. It expected economic trends 
to improve slightly In the coming year. Page 20 

Shifts in steel industry . 

A new phase of restructuring in the world 
stainless steel industry is shifting the spotlight 
away from foreign takeovers in the US to the 
forging of alliances In Europe. Page 19 
Meanwhile, the second part of the partial priva¬ 
tisation of Taiwan's biggest steel group gets 
under way this month. Page 21 

Maricert Statistics 

Base lending rates 40 

Benchmark flovt tends 22 
FT-A Indices 38 

FT-A vwrid indfces Back Page 
FT/ISMA tat tend sw 22 
Franck! Maras U 

Foreion exchanges 40 

London recant Issues 22 
London share sendee 33-38 

LHfe equity option! 22 

London trarlt options 22 

Managed text sendee 35-43 

Money markets 48 

New tat tend issues 22 

World comnxxBy prices 32 

World stack rakt tadees 41 

UK dividends announced 23 

Companies in this issue 

AMD 17 

Ashland 011 20 

Avesta 19 

BTR 24 

8aneato ' IT 

Bibby (J) . 23 

Brent Walker 23.12.19 
British Aerospace 33 

British Steel 19 

Brbckhampton Hldgs 24 
China Steel.. 21 

Chloride 23 

Chrysler 20 

Davenport Vernon 23 

Dawson Inti 24 

Delta .24 

Elect ricorp 21 

Essex Water 24 

FKI 23 

Ford 20 

Foschlni- 20 

GEI Inti 23 

General Motors 20 

Hachette . 17 

IBM 17 

Id 33 

Intel 17 

KIO 17 

Ladbroke 33 

Learmonth & Burchett 24 
Lever Brothers 12 

London Inti Group 24 

Lookers 23 

MR Furniture 23 

Manweb 23 

Nat'l Semiconductor 20 

O&Y 20 

Oceana Investment 24 

Richmond Oil and Gas 24 
Rolls-Royce 33 

Severn Trent 24 

Shanks & McHwan 23 


Sparbanken 19 

Stel 19 

Stirling Group 23 

Suffolk Water 24 

Telmex 20 

Tyne Tees TV ^ 


Widney 23 

Wool worth 30 

Yorkshire TV 19 

I Chief price changes yesterday |[ 


oavm 11M 

Apple 49+11* a FancFnnca B69 

BH 95% + 31* Bata m 680 

hU 51* + 3*2 ftw Lqwdta 615 

CBM-- RatMttC** v* 3 

,*3E"** - „ 

JUSnack Foods _ ^ nfila®" 3 1070 

SUOdttand 36% - 1% 


Santa Bank 1080 
Sdno Transport 1500 

760 - 17 77 Bank 

Frankfort closed. N«w Yoik prices si l 2 J 0 pm. 

LONDON (Pence? 

Ptemec . ‘ 84 * * 

TjWTamW VS +■ # 

.Rah . 

AspanCaws . 14S - 10 

W . . ,318 - 17 

B4bjf (J) ; : 154 — B 

BrAenpace 277 

FaUmBorts T92 

Rrskat'fia. - 42 

NwtecwGM -126 

Mann 1 

|Q 1235 

lasre 109 

LeanomtaS fl 83 
LondM tall 210 

looker 107 

Prates hU 382 

Paw 15 ' 

RHH 21° 

MfrRffW 161 

Peter Bruce on the banker who became a media 

magnate after a board-room coup in Madrid 

Mario Conde walks 
through fire again 

M ario Conde has just likes him, not least because the Antena-3, the least successful o 
infuriated Madrid's media has decided he may three commercial channel: 
close-knit financial become Spain’s first democrat!- licensed in 1969. needs to radi 

M ario Conde has just 
Infuriated Madrid's 
close-knit financial 
community with yet another 
example of his ability to walk 
through fire. 

On Wednesday the 42-year-old 
chairman of Banes to. one of 
Spain’s biggest banks, became a 
media magnate when he engi¬ 
neered the takeover of a televi¬ 
sion channel and a daily newspa¬ 
per. Antena-3 TV was taken over 
in a swift. Banesto-fmanced 
5100m move by Mr Conde, Mr 
Rupert Murdoch the Australian- 
born publisher, and a Madrid 
publisher friend, Mr Antonio 

Mr Conde has learned quickly 
to do his business the way most 
of Spain does - with his friends. 
He first bounded on to the finan¬ 
cial stage in 1987 when he and a 
friend sold their bulk chemicals 
producer to Montedison for 
Pta65bn (5660m). With the pro¬ 
ceeds they bought their way on 
to the Banesto board just as the 
bank was being threatened with 
a takeover and Banesto’s rattled 
board made him president within 
days of his arrival. 

Since January 1968, Mr Conde 
has become easily the most con¬ 
troversial personality in Spain, 

malring enemies as easily as he 

holds on to his friends. He rudely 
cleared Banesto’s board of its 
venerable old shareholders and 
set himself the almost Impossible 
task of untangling the bank from 
the cross-holdings that linked it 
to a vast industrial empire. 

The government openly dis- 

loath to 



By Alice Rawsthom In Paris 

HACHETTE, the heavily in¬ 
debted French media group, 
yesterday secured shareholders’ 
consent for a FFriUJbn (5530m) 
recapitalisation package as a 
precursor to its proposed merger 
with Matra, one of France’s 
largest defence companies. 

Mr Jean-Luc Lagarddre, 
chairman of both Matra and 
Hachette, said that the latter was 
on course for a return to modest 
net profits this year - having 
sustained a FFrl.93bn loss in 
1991 bat was s till 

experiencing pressure on 
operating margins. 

Hachette, he said, was also 
under pressure because of the 
cost of servicing its debt 

The group incurred heavy 
borrowings to finance an 
ambitious expansion programme 
in the late 1980s and is now 
trying to make disposals. 

Mr Lagardere said he expected 
within weeks to announce the 
sale of Hachette's landmark 
building on Boulevard St 
Germain in Paris for around 

For several months Hachette, 
which is still trying to recover 
from the collapse earlier this 
year of La Cinq, the French TV 
station, has been locked in 
negotiations with its share¬ 
holders and bankers over its 
proposed recapitalisation. 

It has now secured their 
consent to implement its 
proposals which include Issuing 
FFrSOGm of new ordinary shares 
and FFr600m of convertible 

Mr Lagardere said the 
recapitalisation should be 
Completed by the end of this year 
or early next year and that 
Hachette would then proceed 
with the Matra merger. 

This merger, which Mr 
Lagardere claims will yield 
considerable cost benefits, has 
been fiercely criticised In France 
because of the apparent lack of 
synergy between the two 

Last, year, Hachette was 
affected by the impact of the 
economic slowdown on Its media 
businesses, particularly in the 
US, as well as by fire La Cinq 

Mr Lagard&re said its markets 
were “still in a recessionary 
phase” and that the group might 
suffer another fell in operating 
margins In 1992.. 

However, he said there were 
signs of recovery in the US 
where Grolier, the encyclopedia 
group, ought to increase profits 
while Salvat. the Spanish 
publisher, should reduce its 

likes him, not least because the 
media has decided he may 
become Spain’s first democrati¬ 
cally elected conservative prime 
minister if Mr Felipe Gonzalez 
ever decides to retire. 

Mr Gonzalez criticises him in 
public. The Finance Ministry 
stopped him selling Banesto’s 
insurance subsidiary offshore 
and, when he finally separated 
Banesto’s industries from the 

He is the most 
in Spain 

bank and merged them into an 
industrial corporation, it allowed 
him only a fraction of the tax 
waiver permitted by the law on 
revalued assets. The Bank of 
Spain last year threatened to 
challenge Banesto’s accounts for 
not passing portfolio losses 
through profits, but backed off. 

Earlier this month he stoked 
those fires by calling for a refer¬ 
endum on the Maastricht Treaty, 
to the ftiry of the government, 
and last month he was attacked 
at a shareholder’s meeting by BP, 
which claimed he had reneged on 
a deal to buy back Banesto 
shares owned by an oil refiner be 
sold in 199L 

Antena-3 TV may be his best 
means of defending himself from 
public attack. But to be effective. 

Antena-3, the least successful of 
three commercial channels 
licensed in 1969, needs to radi¬ 
cally improve its ratings. To do 
that, Mr Murdoch’s experience 
and his US and UK programming 
will be vital. 

However, anyone trying to 
remove Mr Conde from Banesto 
risks causing great damage to the 
institution at the same time. And 
the Banesto group is troubled. 
After creating his industrial cor¬ 
poration, he had wanted to Boat 
some of it for around 5800m. The 
invasion of Kuwait collapsed the 
markets, saddling him with 
industries accounting for 1 per 
cent of Spanish gross domestic 
product in an economy the gov¬ 
ernment was trying to cool down. 

It has succeeded, and so Ban- 
esto's industrial profits plum¬ 
meted 48 per cent to Ptal2.6bn 
last year. Unable to float the cor 
poration, he is selling it piece¬ 
meal - Petromed to BP last year, 
the insurer Union y Fenix into a 
joint venture with. AGF. Indus¬ 
trial affiliates’ profits fell 78 per 
cent on average in 1991. As a 
result consolidated (bank and 
Industrial) profits fell 7.3 per cent 
to PtaJ&Sbn in 1991. For the right 
prirw, all the companies are for 

At the hank itself, he has man¬ 
aged to sustain asset growth 
through extremely aggressive 
lending. Las t year Banesto’s lend - 
ing grew SO per cent faster than 
the banking sector. This might 
backfire as bad debts rise to 
record levels and the investors 
have cut Banesto's stock market 


Mario Conde: the Spanish government openly dislikes him 

capitalisation by 30 per cent to 
around $270bn. 

But, says Mr Joaquin Tamames 
of the corporate analysts Axel 
Group, the banking business is 
coming good. “Over the last three 
years consolidated operating 
profits have increased remark¬ 
ably and the bank Is containing 
costs.” Banesto bank profits rose 
14 per cent last year to Pta45.6bn 
and consolidated group fee 
income from banking services 
rose some 70 per cent to Pta54bn. 

Mr Conde is, nevertheless, con¬ 
stantly on a knife edge and he. 
deals with It by running at trou¬ 
ble rather than away from it. 
Three months ago he signed a 
deal with the Count of Godo, the 
founder of Antena-3 TV, to take 
stakes in the television channel 

and Mr Godo’s rich newspaper. 
La Vanguardia, in Barcelona. 
Criticised by the government and 
journalists, Mr Godo hastily pul¬ 
led out of the deal. 

On Wednesday he learned a lit¬ 
tle about crossing Mr Conde and 
was toppled from his presidency 
of Antena-3. One of the next 
chapters in this great adventure 
might be a government-inspired 
attempt to find someone to take 
over Banesto. 

The stock is cheap with the 
shares yielding about 20 per cent 
more than the banking average, 
but local buyers are thin on the 
ground and Mr Conde knows the 
last thing Madrid wants is 
another foreigner swallowing a 
large slice of the nation's econ¬ 

Siemens pulls out of IBM deal 

European memory production may end, writes Michlyo Nakamoto 

SIEMENS, the German elect¬ 
ronics group, is reducing its par¬ 
ticipation in the semiconductor 
memory market in a move that 
could mean the end of European 
memory production. 

Siemens has decided not to 
build a new manufacturing plant 
for advanced semiconductor 
memory chips which it has been 
developing with. IBM. the US 
computer group, in an agreement 
made a year ago. 

“We are not going to build a 
64-megabit D-Ram facility with 
IBM,” a Siemens representative 
said. “The intention is that we 
will not he a major player in the 
D-Ram market after the 16-mega¬ 

Meanwhile, IBM said yesterday 
that it was looking for a partner 
to collaborate in the manufacture 
of 64-megahit B-Rams in Europe. 

“At present we continue to 
plan tor 64-megabit m a nuf acture 
in Germany. We are looking for 
new partners within the time¬ 
frame of roughly one year,” IBM 

The decision by Siemens does 

not mean it will pull out of the 
memory market immediately. It 
still manufactures l-megabit, 
4-megabit D-Rams and is collabo¬ 
rating with IBM in 16-megabit 

However, it does mean when 
those products are replaced in 
the latter half of the decade by 
future generation products, Sie¬ 
mens is not likely to be a partici¬ 
pant in the D-Ram market 

Its decision stems from its view 
that longer-term demand for 
D-Rams will decline, and since 
intense competition has led to 
sharp price and many manu¬ 
facturers of D-Rams are losing 
money. It does not make sense to 
continue to invest in that prod¬ 

The worldwide market for 
D-Rams has been depressed over 
the past few years, particularly 
in Europe, where manufacturers 
are willing to keep prices low to 
increase market share, according 1 
to Mr Harding. 

“There are too many D-Ram 
suppliers and companies who 
stay in D-Rams may kill them¬ 

selves," said Mr Byron Harding 
at Dataquest the high technol¬ 
ogy consultancy. 

Siemens had continued to man¬ 
ufacture memories, which were 
considered technology drivers 
because it wanted to master the 
D-Ram manufacturing process in 
order to move into more 
advanced technologies. 

However, it no longer believes 
this Is true. Instead it hopes to 
use skills learned In the develop¬ 
ment of memories to manufac¬ 
ture more profitable products, 
such as application-specific inte¬ 
grated circuits. 

Siemens’s decision to move 

away from memories raises ques¬ 
tions over Europe’s ability to 
manufacture semiconductor 
memory chips, a market domi¬ 
nated by manufacturers in Asia. 
The biggest memory manufactur¬ 
ers are Japanese. 

Philips, Europe's largest semi¬ 
conductor supplier, has already 
pulled out of slow read-only 
memory chips (S-Rams) and has 
stopped selling erasable program¬ 
mable read-only memory (Eprom) 
chips while SGS-Thomson is not 
participating in slow S-Rams and 
its profitability from Eprom sales 
has been dwindling, according to 
Mr Harding. 

KIO says 
it will 
in Spain 

By Peter Bruce in Madrid 

THE KUWAIT Investment Office 
(KIO), has told the Spanish gov¬ 
ernment it has no plans to with¬ 
draw its large indnstrial invest¬ 
ment from the country in spite of 
the costs of rebuilding Kuwait 
and the resignation this month 
of its long-time partner in Spain, 
Mr Javier de la . Rosa. 

KIO’s new management met 
Mr Carlos Solchaga, Spanish 
finance minister, in Madrid on 
Wednesday. Valuations of KIO’s 
assets in Spain vary between 
S2bn and $7bn but it is easily the 
biggest private investor in the 
country and, with 25,000 employ¬ 
ees, the government has been 
worried by reports that it was 
considering withdrawing. 

In particular, the KIO chemi¬ 
cals group, Ercros, is the main¬ 
stay of the domestic chemicals 
and fertiliser industry and has 
fallen into deep losses in spite of 
heavy injections of state funds 
into Its fertiliser operations. 

Ercros lost nearly Ptal6bn 
(5161.6m) last year while the 
main KIO holding company, 
Grupo Torres. saw profits fell 25 
per cent to PtaSbn, according to 
Information given to the stock 
market commission. 

It was being suggested in Mad¬ 
rid before the Wednesday meet¬ 
ing that the government planned 
to insist that KIO cleanse its 
businesses of their debt - 
thought to amount to up to 
51-2bn - or at least provide new 
funds to stabilise some of its 
companies. Reports that KIO 
planned to inject a further Slbn 
into its operations in Spain could 
not be confirmed yesterday. 

Mr De la Rosa, KIO’s represen¬ 
tative in Spain for nearly 10 
years and who created the Tor¬ 
res group largely on Ms own, 
resigned as vice-president of 
Grupo Torras to pursue his own 
business interests, mainly in 


KIO is looking for an invest¬ 
ment bank to monitor its invest¬ 
ments in Spain but is also likely 
to post a Kuwaiti official to 
Spain for the first time since it 
began investing here in 1984. For 
the moment its interests will be 
managed by an executive com¬ 
mittee headed by Mr Luis Vano, 
director-general of Aresbank. 
owned by Spanish, Kuwaiti and 
Libyan interests. 

The group’s immediate con¬ 
cern is to finalise a joint venture, 
begun by Mr De la Rosa, between 
the US commodities group, Free¬ 
port MacMaRon, and Ercros’ 
loss-making fertiliser and min¬ 
ing divisions. 

TWs announeamarrt appears as a matter of mood only 

Intel wins round 
in battle to halt 
cloning by AMD 

By Louise Kehoe 
In San Francisco 

INTEL, the leading US 
manufact u rer of microprocessor 
chips for personal computers, has 
won a critical lawsuit in its battle 
to prevent Advanced Micro 
Devices from cloning its prod¬ 

A Californian jury has 
returned a verdict that AMD does 
not, as it has claimed, have the 
right to use Intel's microcode, the 
internal instructions that control 
a microprocessor. 

AMD has won an estimated 30 
per cent share of tbe market for 
386 microprocessors, since the 
company launched its own ver¬ 
sion of the Intel device last year, 
boosting the company’s sales and 
earnings to record levels. 

AMD’s stock price fell 55% yes¬ 
terday on news of the verdict, to 
$9%. Intel gained $3% to $51. 

The lawsuit is one of several 
between the two companies 
involving AMD's rights to Intel 
technology. The latest decision is 
a serious setback to AMD’s 
efforts to become a major compet¬ 
itor in the microprocessor market 
because the company may now 
he forced to create Its own micro¬ 
code for all microprocessors. This 
is a long process in which AMD 
has no experience. 

The latest case involved Intel’s 

287 math co-processor, a device 
that works alongside a micropro¬ 
cessor to boost its calculating 
speed. Intel had filed suit against 
AMD in 1990, charging the com¬ 
pany with copyright infringe¬ 
ment. AMD claimed to have 
lirorny to use Intel’s microcode 
under a 1976 pact between the 
companies and arguments in the 
case revolved around interpreta¬ 
tion of the agreement 

Intel said the microcode licence 
was limited to its use In com¬ 
puter systems designed for soft* 
ware development, and AMD 
firfied to convince the jury that 
its licensing rights were broader. 

Intel hailed the decision as a 
s eminal victory in its legal bat¬ 
tles with AMD. "We are 
extremely pleased with today’s 
verdict,” said Mr Thomas Dun¬ 
lap, Intel general counsel. Mr 
WJ.. Sanders, AMD chairman, 
told employees: “We have suf¬ 
fered a setback - not a defeat" 

AMD said it would now have to 
produce its own version of the 
internal instructions for a next- 
generation 486 microprocessor it 
had planned to launch soon, 
delaying introduction of the prod¬ 

For 1991 AMD reported reve¬ 
nues of $ 1 . 2 bn and profits of 
$145-3m. Intel reported record 
revenues last year of $4.78bn and 

SftlQm in rrmfits 

Bristow Helicopter Group Limited 


Senior Debt and Revolving Credit Facilities 

to Fund a Management Buy-Out 

Arranged by 

& National Westminster Bank 

Acquisition Finance 

Underwritten by 

Bank of Scotland 

Bank of Scotland 
3i pic 

Union Bank of Switzerland 

Banque indosuez 
Hambros Bank Limited 

National Westminster Bank Pic 

Funds Provided by 

National Westminster Bank Pic 

Bank of America NT&SA 
Bank Mees & Hope NV 

Girozentrale Vienna, London Branch 
The Industrial Bank of Japan, Limited 

Agent Bank 

National Westminster Bank Pic 

A NatWest Acquisition Finance 




Demand falls short by 30m shares leaving financial advisers bitterly disappointed 

Investors in UK and US shy away from deal 

By Sara Webb, Simon London 
and Richard Waters 

DEMAND for GPA Group's 
shares fell well short of the 
goal set by the aircraft lessor’s 
financial advisers, with UK 
and US institutional investors 
shying away from the deaL 

Originally, GPA had hoped 
to sell 80 m shares worldwide, 
with 30m in the UK and 
Ireland, 2dm in the US, isra 
internationally (continental 
Europe, the Middle East and 
Asia), and 15m in Japan. 

Instead, by early yesterday 
morning, the financial advisers 
to the issue found that there 
was only demand for about 
50m shares, with nearly half of 
that - 22.93ro - coming from 
retail investors in Japan. 

Although some of the other 
financial advisers remained 
sceptical about the strength of 
Japanese demand for the 
shares, Nomura, the global 
co-ordinator for the issue. 

denied its managed investment 
funds would have been used to 
mop up the shares. It said that 
two-thirds of the demand from 
Japanese retail investors was 
new money. 

Demand from international 
investors, particularly Swiss. 
German and Middle Eastern 
institutions, was healthy, 
amounting to 13.3m shares. 
However, in the UK and 
Ireland demand amounted to 
only 7 J5m shares, while in the 
US there was only a demand 
for 6.5m shares. In both cases, 
the institutions were notable 
by their absence, according to 
the financial advisers involved 
In the flotation. 

One adviser said: “US insti¬ 
tutional demand was disap¬ 
pointingly small - though 
maybe it would have been bet¬ 
ter if there had been more time 
to sell the Issue.'’ 

With such a low proportion 
of institutions willing to buy, 
financial advisers pointed out 

there was not a substantial 
enough investor base for the 
deal to go ahead, and 
expressed concern that the 
retail investors could have 
quickly sold out if the issue 
had gone ahead. 

Financial advisers and inves¬ 
tors yesterday provided plenty 
of reasons why GPA had not 
proved a popular stock. Many 
pointed to the current difficul¬ 
ties faced by the US airline 
Industry, general market con¬ 
ditions, and the reluctance of 
the US fund managers to com¬ 
mit themselves to the issue 
before seeing the response of 
the UK investors. 

One of the advisers to the 
issue complained: "There 
wasn’t any single issue which 
arose, but it was partly the fact 
that the US investors seemed 
to be looking to the UK for a 
lead, while the UK investors 
looked to the US for a lead." 

Another of GPA’s financial 
advisers blamed conditions in 

the US market for IPOs (Initial 
public offerings). “Several 
recent [EPOJissues have subse¬ 
quently traded at below, the 
price offered, which doesn’t 
look good." 

GPA’s rapid growth and the 
domineering style of its senior 
management made some poten¬ 
tial investors wary. The head 
of investments at one of the 
UK’s biggest insurers said: 
"people are very nervous about 
these large entrepreneurial 
businesses - it hasn't been a 
good, year for them." 

In addition, GPA’s high level 
of gearing and the complex 
fin aw rial structure of the group 
put off the more cautious 
Investors. "It’s the sort of busi¬ 
ness that's very difficult to 
understand," said one. “It's 
like a pyramid of cards. SI 
something 1 goes wrong, the 
whole lot could come down." 

The airline industry analyst 
at one of the largest US mutual 
funds, which has $70bn under 

lent, gave several rea¬ 
sons for turning down the GPA 
offer. “GPA badly needed 
access to public equity finance, 
which is not the best motiva¬ 
tion for a global share offer¬ 
ing,” he said. “Investors were 
unnerved by the air of 
urgency.” He added an assort¬ 
ment'of further reasons for 
remaining cautious including:- 

• The cyclical peak in leasing 
margins and residual aircraft 
values has already been 
reached against a background 
of decline in the airline indus¬ 
try as a whole. 

• It was “common know¬ 
ledge" as early as last year 
that Air (r fl n ad a and Air Lin- 
gus wanted to liquidate their 
holdings in GPA, and the stock 
was touted around the US. 

• GPA's financial strength 
was questionable. Total debt 
rose from $2.7bn in 1991 to 
$4.lbn in 1992. Gearing rose 
from 240 per cent to 330 per 
cent ' 

• The company Is commited 
to raising $il5bn to fund air¬ 
craft purchases to the year 
2000, with a further $9.1bn 
required if it exercises options 
on aircraft Lines to meet these 
funding needs are not in place. 

• Lease financing from Japa¬ 
nese banks, the engine of the 
business in the 1980s, has dried 
up. This could lead to an 
increase in on GPA's cost of 

• GPA’s profitability was 
already in decline. Upward 
pressure on funding costs will 
accelerate this. 

• Most of GPA’s customers 
were not among the top league 
airlines, so its exposure to 
credit risk is substantial 

The failure of the issue has 
clearly been a bitter disap¬ 
pointment to many of the 
financial advisers concerned, 
particularly Nomura given that 
it was the company’s first man¬ 
date as global coordinator for 
an equity deal outside Japan. 

Advisers learn a 
costly lesson from 
success-related deal 

By Roland Rudd 

THE GLOBAL offer for GPA 
Group’s aborted $80Qm 
(£432m) flotation was billed as 
the first of its kind. For the 
advisers involved it proved to 
be the most expensive 

None of the investment 
banks engaged for the flota¬ 
tion, which Included Nomura 
International as global co-or¬ 
dinator, Merrill Lynch, Gold¬ 
man Sachs and Salomon 
Brothers in the VS and Schro- 
ders and BZW in the UK, will 
be paid a penny. Their fees 
were success related. Failure 
will have cost them dean dur¬ 
ing the past year GPA 
absorbed a bigger chunk of 
their time than any other 
planned flotation. 

Only Hambro Magan, the 
company’s permanent finan¬ 
cial adviser, is on a retainer. 

Some of the advisers yester¬ 
day said, that after having 
done so much work on the 
issue, they would like to 
establish an arrangement 
whereby they might be put on 
a retainer for future advice. 

Mr Maurice Foley, GPA's 
chief executive, said he was 
still looking at all the options, 
Including whether it was 
possible to seek a public 

But, as to retainers, it was 
too early to tell All he could 
say was that technically all of 
the advisers* contracts have 
expired and so they could be 
seen to have "stepped down". 
Although he made it clear that 
they had neither been fired 
nor resigned. 

The listing was to have been 
simultaneous in New York, 
London, and Dublin, with a 
placement of shares in Japan. 
There was to be a public offer 
by tender to give the issue 

imwiwnm flexibility. 

Instead of asking US banks 
to underwrite a fixed price 
without knowing the demand 
- something which they are 
increasingly reluctant to do - 
lead managers sought to build 
up a book of orders before pri¬ 
cing the shares. 

There was a price range of 
$10 to $12, following a 1-for-l 
scrip issue, but the actual 
price would not be fixed until 
the investment bankers had 
clear figures of demand in 
each country. 

Each market was given an 
indicative amount; 30m shares 
to the UK, 20m to the US, 15m 
to Japan and 15m to the rest of 
the world. The competitive 
tensions between the different 
markets was expected to 
ensue demand. 

As late as last Sunday even¬ 
ing the advisers believed that 
the issue would be oversub¬ 
scribed. This was because they 
had a better response from 
retail investors than Institu¬ 
tions. t 

Indeed, only 10 days ago the 
advisers leaked the fact that 
they bad persuaded the com¬ 
pany to Issue another 5m 
shares. *T am not Into recrimi¬ 
nations, but we were advised 
to increase the number of 
shares on offer (from 80m to 
85m) 10 days before we had to 
pull the issue," Mr Foley said 

The issue collapsed when It 
became dear on Monday that 
there was no institutional 
demand from the US. Accord¬ 
ing to Mr Foley that affected 
sentiment in the UK and the 
rest of the world. 

“The complexity of the the 
bookbuilding issue," said Mr 
Foley, “with one domino lean¬ 
ing on the other, may not have 
been the right way." 

Ashtay Astroood 

A time for reflection: Tony Ryan, chairman of GPA, pictured yesterday after the announcement that the flotation was off 

Japanese brokers blame flop on Nomura 

By Stefan Wagstyl In Tokyo 

THE SUCCESS or failure of the GPA 
flotation lunged on the willingness of Jap¬ 
anese institutions to bid for the stock. In 
the event, they shunned the issue in suffi¬ 
cient numbers to force the underwriters to 
scrap the offer. 

Despite intense efforts from Nomura 
Securities, the international coordinator 
for the offer and the lead underwriter for 
Japan, investors bid for only about 90 per 
cent of the stock earmarked for Japan. 

Underwriting managers at rival securi¬ 
ties companies said Nomura’s own clients 
had accounted for about 70 per cent of the 
total “The rest of us sold very, very little. 
Nothing like as much as Nomura,” said 
one underwriting manager. 

Underwriting managers said institutions 

had declined the offer because of the gen¬ 
eral uncertainty about world financial 
markets, including the market for aircraft 

They also had not fully grasped the 
nature of GPA’s business and had been 
frightened away by an article In Satur¬ 
day’s Financial Times which bad advised 
investors to avoid the offer. “It did a 
lot of damage," said one underwriting 

Moreover, institutions were influenced 
by the experience of Mitsubishi Trust & 
Banking, the leading trust bank, and other 
Japanese investing companies which 
bought shares in a private deal at $32 and 
would have realised a large loss if the offer 
had proceeded. Mitsubishi trust bank has 
a dose relationship with GPA and owns 
13.4 per cent. Some fund managers 

Judged that if Mitsubishi trust bank had 
lost money then less well-connected and 
less well-informed investors should stay 

Underwriting managers said that the 
main interest In the offer came from pri¬ 
vate individuals who had despaired of 
finding a good investment in the depressed 
Japanese market But os one underwrit¬ 
ing manager said, salesmen were cautious 
about promoting such stock to individuals 
since they had even less idea about tbe 
nature of GPA than the institutions. 

There was plenty of recrimination in 
Tokyo last night with rival brokers heap¬ 
ing the blame for tbe flop on Nomura. 
They said Nomura had been 
over-ambitious. They also said Nomura 
mishandled the cancellation with some 
investors receiving the news before others. 

Airline executives fear blight on orders 

By Daniel Green 

THE FAILURE of the flotation 
will further disrupt tbe order 
books of world aircraft manu¬ 
facturers, said airline execu¬ 
tives yesterday. They also feel 
that It will raise the cost of 
financing aircraft and so help 
push some of the weakest air¬ 
lines into bankruptcy. 

GPA stood to raise at least 
$3bn (£1.6bn) from the flota¬ 
tion. The first 5800m was to be 
directly from tbe issue of new 
shares and the rest through 
increased borrowing. 

GPA said yesterday it was 
confident that it could tap 
other sources, but others in the 
aviation sector believe GPA 
and other purchasers will have 
for less money than planned - 
and at a higher cost - to 
spend on new aircraft. 

This is the latest blow for 
recession-hit manufacturers. In 
the last few months the big 
three US airlines - American, 
United and Delta - cut their 
capital spending programmes. 

Other airlines have deferred 
delivery dates. And only last 
week, McDonnell-Douglas said 
it was all but abandoning 
development of the MD-12 600- 
seat aircraft. 

As the largest leasing com¬ 
pany in the world, GPA is also 
one of the biggest buyers of 
new aircraft. Its firm order 
book, worth $11.9bn, accounts 
for more than 10 per cent of 
the outstanding orders of Boe¬ 
ing and Airbus, the world’s 
biggest ctvR aircraft makers. 

Without new equity, ft will 
not have the cash to pay for all 
of these aircraft. Unless GPA 
can issue more equity - 
through a flotation or private 
placements - it might be 
forced to cancel some of the 
308 aircraft on order for deliv¬ 
ery between 1993 and 2000, said 
City analysts. 

Aircraft manufacturers were 
tight-lipped yesterday, insist¬ 
ing that GPA finances were not 
their affair. Investors took a 
different view however. The 
share prices of Boeing and 

McDonnell-Douglas of tbe US, 
Fokker of Holland and stake¬ 
holders in the Airbus consor¬ 
tium, such as British Aero¬ 
space, all fell 

Smaller airlines also felt the 
pressure. GPA often leases to 
smaller or poorly capitalised 
airlines which struggle to 
obtain attractive terms for fin¬ 
ancing to back expansion. 

Part of the reason for the 
share price weakness was fear 
that aircraft buyers would 
delay purchases further, 
increasing the pressure on 
prices. "Aircraft values could 
be sent spiralling downwards,” 
said Mr Keith McMollan, man¬ 
aging director of Avmark. avia¬ 
tion consultancy, yesterday. 

There was also recognition 
that GPA, a financial company 
expected to have good contacts 
in the investment community, 
had foiled to persuade inves¬ 
tors that the airline industry 
was a good bet 

“It cannot be good news that 
GPA cannot attract lands in 
the present business climate," 

said Mr Alan Hodder of the 
International Bureau of Avia¬ 
tion, a US-UK consultancy. 

Airlines have been unable to 
recover strongly from the col¬ 
lapse in demand caused by the 
Gulf war. US carriers have 
fought a series of price wars 
that have destroyed hopes of 
short-term profitability 

Another price war has just 
begun, and this week Ameri¬ 
can Airlines, the only large US 
carrier to make a profitin 1991, 
said it would lose money in the 
second quarter of this year. 

Such is the desperation of 
the airline industry to see a 
foil in the number of competi¬ 
tors, that executives were yes¬ 
terday prepared to argue pri¬ 
vately that the failure of GPA's 
flotation was a good thing. 

“It will make it more diffi¬ 
cult for weak or small airlines 
and win help consolidation In 
the Industry," said one execu¬ 
tive. The corollary, was that 
fares would eventually 
increase and allow airlines, to 
repair their damaged finances. 

Larger Irish institutions 
hoped to reduce stakes 

By Tim Coone hi Dublin 

IRISH institutional investors 
and shareholders that had 
together planned to dispose of 
some 6.5m shares In yester¬ 
day’s combined offering In 
GPA Group, were unwilling to 
comment on the company's 
surprise decision to withdraw 
the offer. 

But there was widespread 
unhappiness elsewhere in Dub¬ 
lin. “The signals In the London 
market had been there for 
weeks," one banker said. 

"The failure of the offer has 
a lot to do with GPA’s own 
arrogance. GPA was forcing 
the pace the whole time over 
the price of the offer. You 
can't push institutions uphill, 
and GPA weren't prepared to 
recognise that For years they 
have been promising a public 
offer, but then they kept turn¬ 
ing to the Institutions and ask¬ 
ing them to keep their hold¬ 
ings for another year. They 
have lost a lot of friends like 


Although some existing GPA 
shareholders were dne to 
reduce their stakes, institu¬ 
tions and retail Investors had 
been expected to buy a total of 
between $30m (£16.2m) and 
$40m of new shares in Dublin. 
As a result, Irish Institutions 
wonld have shown a net 
Increase of about $20m in their 

Hr Mike Moroney of Good- 
body stockbrokers said a num¬ 
ber of the larger institutions 
already holding GPA stock 
were looking to reduce their 
exposure, as once floated GPA 
would have represented 20 per 
cunt of the Dublin stock mar¬ 
ket’s market capitalisation. 

He said that the target expo¬ 
sure to GPA as a percentage of 
their Irish market portfolios 
that the institutions were aim¬ 
ing at was about 6 per cent. 
“Some would have been want¬ 
ing to reduce their level to 
that, others would have been 
looking to get in", he said. 

Market takes 
the cancellation 
in its stride 

By Maggie Urry 

THE MOST cheerful 
interpretation that analysts 
could put on the sudden can¬ 
cellation of the GPA Group flo¬ 
tation yesterday was that it 
removed one source of supply 
of new stock. 

Money earmarked for the 
issue could be diverted else¬ 
where in the equity market, 
which is be ginnin g to suffer 
indigestion from the weight of 
new paper being sold. 

But as less optimistic strate¬ 
gists put it, hardly any UK 
investors had earmarked cash 
for GPA anyway. 

Tbe announ cement that the 
issue bad been pulled at the 
last moment was certainly a 
factor in the 35.7 point foil in 
the FT-SE 100 index to 2,562.7. 
Bat the market had already 
coped with the postponement 
of the 31 flotation until next 
year. Strategists feel the stock 
market has more to worry 
about than delayed flotations. 

Overnight foils in New York 
and Tokyo, due to pressure on 
corporate profits, were more 
frequently cited as reasons for 
nervousness in the UK market 

The dampening of hopes for 
economic growth in the UK 
and the prospect of further 
downgradings of earnings esti¬ 
mates were also viewed as 
more serious concerns. 

As one strategist put it: 
"GPA barely makes ft into the 
top 10 of reasons to be bear¬ 
ish.” The market could become 
more concerned, though, if 
there were suggestions that the 
cancellation of the flotation 
put GPA's financial position 
into doubt 

A well-publicised, last-min¬ 
ute, cancellation like GPA's - 

unlike 3i's issue which was 
still some way from the market 
- cannot help sentiment 
towards other issues in the 
pipeline, but it may have little 
real impact The UK market Is 
experiencing the greatest run 
of new issues, apart from pri¬ 
vatisations, since the 1987 
stock market crash. 

Wellcome Trust, the majority 
shareholder in Wellcome, the 
pharmaceuticals group, which 
is planning a £4bn secondary 
offering, said that GPA's can¬ 
cellation “in no way changes 
or affects our plans." However, 
Wellcome’s shares foil 26p to 
9l9p yesterday. 

Like GPA, the Wellcome sale 
Is a big international offering. 
But corporate financiers 
agreed the GPA flotation was 
so distinct from the Wellcome 
issue that the latter should not 
be seriously affected. 

They noted that Wellcome’s 
sale structure was more flexi¬ 
ble than GPA’s had been, 
allowing ft to direct shares to 
areas of stronger demand. Fur¬ 
ther, the group is more readily 
comprehensible to investors, 
and is part of a well-researched 
sector of the market. 

Wellcome is also putting a 
great effort into educating 
investors through a massive 
international road show. And 
since It is a secondary offering, 
it is being priced against an 
existing share quote, whereas 
GPA’s pricing was a much 
more difficult exercise. 

Other Issues In train, such as 
MFI and Kenwood, are not 
expected to be seriously dam¬ 
aged by GPA's decision. More 
worrying for them is the gen¬ 
eral fall In the stock market 
over recent weeks, which will 
be reducing the prices vendors 
can expect for the shares. 

■ 5 * 




- Sxl: 

Debt still accessible, 

but more expensive 


By Simon London and 
Richard Waters 

share sale leaves the group fee¬ 
ing an increase in its cost of 
borrowing - though financiers 
said yesterday that it would 
still have access to debt 

The likely rise in borrowing 
costs was signalled yesterday 
as Standard & Poor's, the US 
rating agency, placed GPA 
under review for a possible 
downgrade. Moody’s Investors 
Service, the other big US 
agency, is already reviewing 
GPA for downgrading. 

The group currently carries 
a Baal credit rating from 
Moody’s, one notch lower than 
S&P and only two notches 
above the "speculative" grades 
shunned by most investors. 

Mr Phillip Baggaley, credit 
analyst with S&P in New York, 
said: “Following a period of 
rapid development GPA does 
need an injection of equity. 
Failure to complete the share 
offering will weaken tbe bal¬ 
ance sheet going forward, 
although there is no sign of 
any cash or liquidity problem." 

GPA has relied until now on 
three main sources of debt 
finance: banks, bonds and 
securitisation (under which it 
has sold bonds with the back¬ 
ing of aircraft leases as secu¬ 
rity). It has also succeeded in 
selling shares in a number of 
private placements. One 
banker said: "They have tried 
all the avenues: no one particu¬ 
lar form of finance has been 
enough for them. This will 
make it a bit mare difficult" 

GPA's main banking facility 
is a S3.075hn syndicated credit 
line negotiated with a group of 
73 banks in 1987. Other lines 
include a $325m interim facility 
signed in September last year, 
foiling due for repayment In 
December 1993 and March 1994. 

Although these committed 
bank lines are secure, banks 
are unlikely to extend addi¬ 
tional credit 

GPA made its first public 
bond offering at tbe end of lest 
year, a $500m seven-year issue 
in the US market, and has 
placed bonds and preference 

shares privately with institu¬ 
tions several times. While US 
institutional investors may 
have been unwilling to commit 
equity capital to GPA tt’jhas 
raised substantial debt finance 
In the US. Yesterday however, 
trading in its bonds had dried 
up in New York. Dealers at US 
investment banks were unwiH- 
ing to quote a price on the 

The'US market has also been 
a source of short-term liquidity 
for GPA vi a its $250m commer¬ 
cial paper programme, set up 
in March 1990. The prospectus 
said GPA had on average $84m 
commercial paper outstanding 
at any time.. S&P said yester¬ 
day its short-term commercial 
paper rating for GPA would 
not be reviewed. .*-'■■■ 

Securitisation remains one of 
the group's best chairces of 
raising further debt-rathe near 
future. Last wedc^GPA'made 
the first issue cCsecuritlsed 
aircraft leases. 

Under the issue^M aircraft 
leases were place&hi k special 
purpose company which then 
issued bonds. The .rash Sow 
from the leases is used to pay 
bondholders. . : “ V-. 

Similar techniques are well 
established in other areas, of 
the financial marketsTnredft 
card debt and mortgages-arc - 
often securitised in the US. 7 

The special purpose com¬ 
pany which owns the aircraft 
leases and issued the bands is 
“ring-fenced" and should be 
i mmu n e from any finanrial dif¬ 
ficulties at GPA The price of 
last week's bonds were barely 
affected by yesterday’s news: 

Analysts said that the avail¬ 
ability of securitised finance 
depended on the health of the 
airline industry. If charter 
companies leasing the aircraft 
default, bondholders will only 
continue to receive payments if 
the aircraft can be repossessed 
and either leased or sold. - 

That means that securitised 
bonds look a less 1 attractive 
investment if airUnwt and char¬ 
ter operators are in .financial 
difficulty, if income from air¬ 
craft leases foils, or if the resid¬ 
ual value of commercial air¬ 
craft is depressed. .~ 


ta a act 



General Ryan loses the battle of the bulge 

THE SHANNON headquarters of GPA 
looks more Uke the branch office of a 
small software company than the nerve 
centra of a worldwide business. 

Its main operations room, however, 
resembles the war games room of a 
military headquarters. Maps, charts and 
data can be instantly called up from 
blinking banks of computers on to three 
movie screens. Information on every jet 
manufactured in the western world - 
maintenance history, owner, technical 
data - can be shown in seconds. 

Simultaneously, maps can be dis¬ 
played showing the locations of individ¬ 
ual aircraft types, beside charts of the 
latest exchange the world's main finan¬ 
cial centres. Hie locations of GPA’s 100- 
odd marketing agents In the Geld can 

be superimposed, and game plans 
drawn up. 

Here the company's executives meet 
every Monday morning to discuss strat¬ 
egy. Chairman Tony Ryan, who started 
GPA with $50,000 in 1975, does not toler¬ 
ate excuses for missed meetings. 

The grandson of a station master, and 
son of a train driver, 58-year-old Ryan 
started with Aer Lingua as a dispatcher 
at Shannon airport when he was 19. 
Quickly moving up through the ranks, 
he discovered there was money in jet 
aircraft Teasing when he leased two 747s 
for Aer Lingua in the mid-1970s. 

Guinness Peat, Che merchant banker, 
and Aer Llngus, helped him set.up- 
GPA, providing 90 per cent of the capi¬ 
tal The company initially earned com¬ 

missions by placing one airline's sur¬ 
plus aircraft with those short of jets. 

Since 1987, he has built a star-studded 
cast or non-executive directors, Includ¬ 
ing: Nigel Lawson, former UK Chancel¬ 
lor, Garret Fitzgerald, former Irish 
prime minister. Sir John Harvey Jones, 
chairman of The Economist, Peter Suth¬ 
erland, chairman of AIB Group and for¬ 
mer EC Commissioner, and Shinroku 
Morohashi, president of Mitsubishi. 

Today, "the business of GPA is turn¬ 
ing airplanes into attractive financial 
assets and selling them to investors," 
says Mr Ken. Holden. GPA’s chief strate¬ 
gist Its 30 0 employees - about a third 
of whom are abroad at any one time 
doing just that - produced a profit of 
US$279m in the last financial year, 

almost trebled in five years. 

GPA’s rapid growth put it on the 
verge of becoming Ireland's biggest 
company. Had it been floated, GPA 
would have accounted for M per cent of 
the Dublin stock market capitalisation. 

Mr Ryan's implacable drive and his 
creation of a major international busi¬ 
ness from such humble beginnings, has 
won him admirers, but also detractors. 
One Dublin banker said yesterday: "He 
has been very arrogant with the institu¬ 
tions, and there are probably more than 
a few people laughing up their sleeves 
at the moment" 

As Mr Maurice Foley, GPA’s chief 
executive said recently, leasing “is a 
very cold, unsentimental business, even 
in Ireland". 

GPA's high-tech headquarters in Shannon: nerve centre' 

s*.... ■. 

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STET share offer 


investor demand 

By HNg Simonlan In Milan 

DEMAND.- forshares and 
'®a«ants hi STET. the naife* 
state-owned company which 
amtads' the country's telecom¬ 
munications activities, has 
a lmos t doubled "the "quantity of 
paper on offer. 

The news, which follows the 
deal’s ^dosare of sched¬ 
ule on Tuesday evening, will 
raise L707bn($ for ERI, 
the caslhstrapped state holding 
company which controls STET. 

After all warrants are exer¬ 
cised, RTs stake in STET will 
fall-to around 53:per cent of Its 
ordinary shares and just 1 per 
cent of its holding stock, mi 
currently has about 69 per cent 
of STET'a ordinary shares anfl 
30: per rant. of. the savings 
stock, if an outstanding war¬ 
rants are exercised. 

The se condary sale of equity 
in STET was launched on Mon¬ 
day. The offer was constructed 
in the form of “packets'*, priced 
at L2.020.000 apiece. Each 
pack et com prised 1,000 ordi¬ 
nary STET shares along with 
50 warrants convertible into a 
further 500 ordinary shares 
and 100 warrants convertible 
into looo savings shares. 

Around 6,700 offers, for a 
total of 680,000 of the “packets” 
of shares and warrants being 
placed, were received, against 
the 850,000 packets on offer, 
according to the lead-manager, 
Mediobanca. Sane 53 per emit 
of the offers had come from 
Italian investors and the 
remainder from abroad. 
Around 3,600 shareholders put 
in bids for over 215,000 packets, 
and wflj receive 275,00% Medio- 
banca said. 

Sparbanken in SKr750m 
loss for first four months 

-SPARBANKEN, the Swedish 
savings bank, has postal a 
SKr750to ($l32.7m) operating 
Iras forthe first four months of 
the year after loan losses total¬ 
ling SKr3.073bn, writes Robert 
Taylor id Sto ckholm. 

- The bank said yesterday that 
the deficit .was in line with 
estimates made at the' of 
the Swedish government’s 
SKx7.3bn bail-out of Forsta 
Sparbanken in April 

The Swedish savings hank 
industry Is going through dras¬ 

tic change. By the onfl of the 
year, Sparbanken will merge 
with 10 regional savings hanks, 
the Stockholm-based Ffirsta 
Sparbanken and Swedebank. 
The aim is to streamline the 
industry by creating the larg¬ 
est savings bank in the coun¬ 
try with SKr540bn in assets. 

By 1994, Sparbanken intends 
to cut costs by SKrSbn from a 
level of SKr9.5bn at thus begin¬ 
ning of the year in an effort to 
achieve a 15 per cent profitabil¬ 
ity ratio. 

Seven sugar 
groups face 
fine threat 

By David Buchan (n Brussels 

THE EUROPEAN Commission 
is threatening to fine seven 
sugar companies In the UK, 
Ireland, France «™i Denmark 
on suspicion that they have 
been illegally protecting their 
home markets from competi¬ 
tion, and so forcing prices up. 

The Brussels competition 
directorate has sent five sugar 
producers - among them, 
British Sugar, Tate and Lisle, 
and Irish Sngar - and two 
sugar t rading co mp anies a for¬ 
mal “statement of objections”, 
alleg in g infringements of the 
anti-cartel Article 85 of the 
Treaty of Rome. 

The companies have the 
chance to present their case in 
a formal hearing in Brussels, 
before the Commission takes 
any final action. The latter 
could be some months off. 

The action, which came to 
light yesterday hi a statement 
by Greencore, owner of Irish 
Sugar, to the Dublin Stock 
Exchange, follows a seven- 
month investigation from Sep¬ 
tember 1990 to March 1991. 

The flmnM fmri im that 

from mid-1986 until the start 
of its Investigation, the compa¬ 
nies concerned took a variety 
of actions which Insulated 
their national markets, partic¬ 
ularly tiie UK, from any effec¬ 
tive competition from abroad. 

Article 85 bars companies 
from pursuing practices which 
generally “have as their object 
or effect the prevention, 
restriction or distortion of 
c omp e titi on" within the EC. 

Stainless steelmakers set to forge alliances 

Andrew Baxter reports on the renewed interest in partnerships between European producers 

A NEW phase of restruct- try. This suggests that alii- Wftn , n staimifaw long-term investments needed • Intensive process-plant indus- 

SPjLSFlVf in mtb fran* W °™El iMMJmir J° “P** ^ S rowth ’ *** such as chemicals. One 

the world stainless atlantic deals. IwWlornT keen im nrfth phnmrint? nmriue- analvst ciimraotnit Aii mitrht 

PrcOucUoB gont u mo t ion 

A NEW phase of restruct¬ 
uring is under way in 
the world stainless 
steel industry. The spotlight 
has shifted away from foreign 
takeovers in the US and has 
refocused on the forging of alli¬ 
ances in Europe- 
Lost month’s announcement 
that British Steel and A vesta, 
the Swedish stainless steel pro¬ 
ducer, were discussing poten¬ 
tial collaboration raises the 
prospect of a new force in the 
stainless industry to challenge 
France’s Usinor-Sacilor, which 
is the world's biggest producer. 

Industry observers, and 
rivals of tiie UK and Swedish 
companies, are convinced that 
a deal will soon be announced 
to unite what one analyst rails 
“two second-division players”. 
This will not be the end of the 
restructuring, they say, in an 
Industry which remains 
plagued by overcapacity - in 
spite of better growth pros¬ 
pects than in the recession- 
tom carbon steel industry. 

The restructuring in stain¬ 
less began in the US before the 
current recession. In the late 
1980s, the US producers’ rela¬ 
tive inefficiency, poor invest¬ 
ment record and structural 
undercapacity in some product 
sectors turned them into 
attractive acquisition prospects 
for efficient outsiders. Ugine, 
the Usinor subsidiary, led the 
influx of foreign buyers and 
joint venturers. 

The characteristics of the 
stainless industry make it par¬ 
ticularly suited to a global 
approach, according to Bed- 
dows, the strategy consultancy 
specialising in the steel indus¬ 

try. This suggests that alli¬ 
ances will not end with trans¬ 
atlantic deals: 

• All manufacturers share 
common internationally 
denominated raw material 
costs and want to increase 
their purchasing power; 

• Grade specifications are 
becoming increasingly homoge¬ 
neous worldwide, making it 
easier to centralise research 
and engineering functions and 
then apply the results to manu¬ 
facturing fac i li ti e s worldwide; 

• Globalisation makes the 
slow and expensive process of 
finding new applications for 
stainless faster and cheaper by 
spreading the costs and the 
benefits worldwide. 

All these trends are now 
making their mark on Euro¬ 
pean producers, which at the 
same time have yet to tackle 
the problems of overcapacity 
In manufacturing. In gfeinipon 
flat products, says Mr Philippe 
Choppin de Janvry, chairman 
ami chief executive of Ugine, 
there is overcapacity of 20 per 
cent to 25 per cent, and much 
more in the smaller long-prod¬ 
ucts sector. 

Some overcapacity is neces¬ 
sary if producers are to 
respond to demand increases, 
but the industry suffers from a 
chronic problem common to 
the European steel sector gen¬ 
erally: “When things are going 
well nobody wants to restruc¬ 
ture, but in bad times, no one 
is willing to take the pain," 
says Mr Rod Beddows, founder 
of the Beddows consultancy. 

Short-term factors are 
encouraging partnerships, too. 
As the world stainless Industry 

* Thousand uiaoft. Imm fisMas «utMH 
Europa mat tonoor So*M Union. 
t Ftrimrn * bf Bmtoomt. 

Sew**: MtarM MMtov Sm tatota. hr 

begins to emerge from reces¬ 
sion, European producers want 
to position themselves to take 
advantage of the upturn. After 
a very poor second half of last 
year, the European market for 
flat stainless products is slowly 
improving and the US market 
is definitely picking up, says 
Mr Choppin de Janvry. 

For the medium-sized Euro¬ 
pean producers, tiie recovery 
prospects, however faltering, 
are a spur to salvage some of 
the financial strength which 
they lost through the past two 
years of bleating balance 

G rowth forecasts of 3 to 
5 per cent for the 
stainless steel industry 
may look unexciting, but dwarf 
the puny 05 per cent growth 
predicted for the European car¬ 
bon steel market. 

Hence the needs for partner^ 
ships to produce benefits of 
scale that will finance the 

long-term investments needed 
to exploit this growth, and 
keep up with gb an j-ft i g produc¬ 
tion technology trends. 

There is a further reason for 
the renewed Interest in part¬ 
nerships and joint ventures 
which the industry prefers to 

In the summer of 1990, seven 
large European stainless pro¬ 
ducers shared a token 
Ecu425,ooo (1327,000) fine levied 
by the European Commission 
for operating a price and pro¬ 
duction cartel 

British Steel was one of the 
seven, and Aveste was in the 
cartel but not fined because it 
is based in Sweden, outside the 
EC. The ending of the cartel 
known as the Sendzlmir Club 
after a stainless production 
process, has Increased competi¬ 
tion in the European market 

British Steel and A vesta are 
staying silent about what kind 
of deal may emerge from their 
talks, but are keenly aware of 
all the short and long-term 
pressures on them. 

A merger or joint venture 
between British Steel Stainless 
and A vesta, which produces 
only stainless steel, would 
unite two similarly-sized, but 
finan ci al ly weak manufactur¬ 
ers to create one of the world’s 
largest producers with annual 
output of around 700,000 
tonnes, eclipsed only by Ugine, 
which claims output of about 
86(1000 tonnes. 

Significantly, a link would 
produce a dominant player in 
the European stainless sheet 
business, with a share of as 
much as 40 per cent of a mar¬ 
ket supplying investment¬ 

intensive process-plant Indus¬ 
tries such as chemicals. One 
analyst suggested this might 
attract the attention of the 
EC’s competition authorities. 

For Avesta, a deal could 
make a big difference to the 
return on its new “Steckel” 
mill for hot-rolling slab into 
coil — the first stage in 
production process for cold- 
rolled sheet. Brftifeh Steel does' 
not have a dedicated sfaUntes 
hot mill and is unlikely to buy 
one with its current clamp- 
down on capital spending. 

For British Steel the main 
benefit of a deal would be 
access to A vesta’s extensive 
overseas distribution network. 
Both companies, says Mr Bed¬ 
dows, will gain more critical 
mass in the US. 

T he question remains 
whether any deal will 
lead to any significant 
reduction in European stain¬ 
less production capacity. 
Observers do not foresee 
wholesale jobs cuts, either at 
Avesta or at British Steel, 
where more than 2£00 are 
employed in stainless, but 
some rationalisation looks 
likely. “If I were the boss, I 
would be rationalising,* says 
Mr Choppin de Janvry. “I 
know their management, it’s 
very capable, and it will do the 

If a link-up between the two 
companies prompts further 
restructuring in the industry, 
it could be the first step to a 
healthier sector. But closures, 
particularly In long products, 
may still be unavoidable to 
achieve that 

Brent Walker hit by property losses 

Enso-Gutzeit FM76m in the I UK TV stations =,.•*«* im, ■» l™*». 

red in spite of sales gain ™ vefl *”* plan 

Mr ” vmnrctmn? Taiavicini, ■>« 

ENSO-Gutzeit, the Finnish 
pulp and paper group, has 
returned a FM76m loss (after 
financial items) for the first 
four months of the year, com¬ 
pared with a FMl82m (S42.4m) 
loss for.the same period of, 
1991. writes Robert Taylor In 
Stockholm. ... 

Net sales went up by 9.3 per 
cent to FMK36ba,-Ihe com* - 
pany said internal rationalisa¬ 

tion measures would ensure a 
continuing revival towards 
profitability, but operations 
would stffl be showing a.loss 
by the end of the year. 

Mr Jukka ffltrmsia mnii com¬ 
petition had kept prices down, 
particularly for fine papers and 
publication papers, while the 
paperboard marke t was stable 
and demand fin- Scandinavian 
sawn timber increased. 

YORKSHIRE Television and 
Tyne Tees Television, two 
northern England companies 
that won independent televi¬ 
sion franchises last year, yes¬ 
terday announced terms of a 
merger, write Richard Gourlay 
and David Owen. 

A wwnmnwHlwl offer from 
Yorkshire values the Tyne 
Tees share capital at £80i4m 

Lex, Page 16 

BRENT WALKER, the leisure 
and property group which com¬ 
pleted a £L65bn (JS.OSbn) refi¬ 
nancing in March, made a 
retained loss of£41L4m in 199L 

The loss compares with (me 
of £367.7m in 1990. It was 
mainly caused by a sharp rise 
In interest costs, from £116whn 
to 2235.8m, and exceptional 
costs of 220L8m compared with 
£U63m a year earlier. 

Provisions fin: falls in prop¬ 
erty values accounted for 
£142£m a gainst £97.7m of the 

exceptionals. Fees and costs 
involved in the refinancing 
were 239.8m, up from £14m. 
There were reorganisation 
costs of £l9Jm against 21.5m. 

Lord Kinders] ey. chairman of 
the UK group, said: “1991 was, 
by any standard, a most trying 
year for the group." 

As well as the financial 
restructuring and the losses, 
Mr George Walker, former 
chairman and chief executive, 
is claiming compensation for 
loss of office. The Serious 
Fraud Office has launched an 
investigation into the compa¬ 

ny’s affairs. Lord Kindersley 
said Mr Walker had “gone 
quiet” and he could not com¬ 
ment on the SFO investigation. 

There was a loss per share of 
76S.09P, compared with 299.77p, 
and no dividend on the ordi¬ 
nary or preference shares will 
be paid. 

The group published a pro¬ 
forma post-restructuring bal¬ 
ance sheet, prepared on a 
going-concern basis, which 
showed negative net worth of 

Details, Page 28; People, 
Page 12 

Unichips acquires Spanish 
crisps group from Borden 

By Haig Slmontan 

UNICHIPS, the privately- 
owned Italian company which 
is the country’s biggest maker 
of potato crisps, is expanding 
further in Europe with the pur¬ 
chase of Crecspan, Spain’s sec¬ 
ond-biggest crisps group. 

The vendor is Borden, the US 
multinational which bought 
Barcelona-based Crecspan in 
1984. No price for the deal in 
Which. Rothschild Italia advised 
the purchaser, was revealed. 

Unichips, controlled by Mr 
Alberto Vrtaloni, the son of the 
founder, is best known in Italy 
for its San Carlo brand, which 
has around 50 per cent of the 
domestic potato crisps market. 
The company started operating 
in Spain In 1989, and the fol¬ 
lowing year bought control of 
Flodor in France, where it is 
also the market leader. 

With Its latest acquisition, 
made for cash, Unichips will 
have sales of around L750bn 
(Jfi28Jm) this year. 

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ckoano. .1 p-.Tla UW5 OwotMa bean pm* 

hkW aUfptbni of te Ceopanj, tam tfw ap of fl ip Cccyn y 0» IAWS 

I at ito Ctaaganf, i 

| hi awCWtM WdM a — I f w^iW . ta.BM Fn .i M 

LW3 WS FM Sm«.LwIwSCZA 4PB ten ISM In oo 19 Jam, T992. ot tba Lfafa, 

Patioin 4mi U Jm. 1SW aam 1m tw oh»i»4 Wdwa bat m mg mmkif 

m) inUk koftfaf* ooftaO for .pedod of 14 fionOa to allAh nadn 

SnSra «Sp. POBUCLDanDCOMPANY■ IJbyQy H—■ ■ ^ 
^■mUair t»i abe, W wH wak a fly, ftnmilw Cn i qmt y A yu wmiw ^OmciR* 
Sm.IN tUbi2nldTba Stock E K e hm ^ Tom. Londba BOS IBPfcr Oo l» 
babM dm Mbnrb« Om dm aTtK. aMiw. 





Data Bomo, 4» Dm StrM^ 


A $75,000,000 


Holdas of the nows rftiieaJbove issue are bradiy 

the following will apply. 

PER AS10.000NOTE: AS 150.48 

PER AS5,000NOTE- AS75.24 ■ -- 


BooWvwdHwH. Luxrnnbouro. 

BANK ra TOIO0 UNITED, 4-8 Rut 
SahtoAorw. PM 7500. HanoB. 
D uMfl hlortl.Qamwnn 
dai Arts 4740, WMOBnusota. 

SuOMriand Hoosa, SChartar Road. 
Hong Kong. 

CX3MHWY, 100 Broadwaac Naw Ybrit 
Ot* NY 10006. 

tfdaSbad, traMcWanaybi 
Bhan to HI Samual Bank Umkad to 
giva dtoeradonary praqr to a pscaon 
daatgmdad by Hn Compaiy 
YtoUngRIflMB may only ba ■ 

i w ardt a dtnreapactoip o poeKc y 

R a oal pti i reptasanllnp Otanagy 
aftna on tha RogbtBr as at 3ist 
March 1802. 

Coptaa to BnoMi of *a lull tmt ul 


Intenralionai Depositary Receipts 
evidencing Benefidal Certflcates 
representing 1.000 (Jnils (and 100 unite) 

Notice Is hsrsby given to the UrtthoWare that OAEHAN INVESTMENT 
TRUST declared a <Snrfcuk>n of Won 444,000 per DR of 1-000 Units {Won 
44400 par OH of 100 Units) payable on orator JiJy 6,1962 in tha Ropubfic 
of Korea as wel as tha poswOltr. undl August20.1882 of reirwealng in naw 
DRa of 100 Unte el or part of tha dtaftlbuton to which Hotdara are enlNsd. 

Paynwai of coupon no 7 of the htamadonai Depositary Recasts wfll ba 
made ontor after Ji4y 6.1092 in US Doflare at one of the following offices of 
Morgan Quaanty Treat Company of Naw York: 

- Breneis. 35. nentw daa Arts 

-New York, 30. West Broadway 

-London, t, Angel Court 

- Frenkfurt, 44-aa. Mtinzer Landstraaw 

- Zurich, 38, SMfearatnuae 

Tha amount ol dollars ahaA ba the net proceeds of tha sale of tha Won 
amount to tha Korean amchange bank h the Republic of Korea at the curam 
aafeng raw on the dqr of remittance by the manager, and wl be dhgributad n 
the Unitholdere In proportion to their respective amide men Cs and after 
deduction ot Ml axes and charges of tha Depositary. 

Holders residing hi e country having a double taxation treaty with the 
RapuMc of Korea may obtain payment o( their coupons at a lower rata ot the 
Korean non-restdent wtthtobfng tax, on condition they furnish to either the 
Depositary or trough one of the designated sub-paying agents a certificate 
ahawkig their raaMenoa togatoer wMi a copy of tha oartflceea of Incorporation 
or a copy of tha passport lor JndMduata. Those documents are requested by 
the Korean National Tax AdmHsradon Office am evidence of residence and 
wtahout them Vta M rata of 211,875 pa Korean nonresident wifrhoking tax 
ariH be retained. 

For raeidamB of the United Kingdom, toe vun Intends to apply for dstribudng 
Matos tor each ilnanciaJ year. UJC. beneficiaries wffl in moat drcutmuancee ba 
Babta max on iha dtedbution whether reinvested or not. 

V any holder atad tail to request tha dbtfrbudon by Via and of October 1932 
the unrequested amount of db&bulion wffi be sent to the Dspodlary in cash 
altar deduction of 2fij87S pa tax not lator titan the end ot Nowntoer 1992. 

For 5 years, the Depositary wilt Keep the amount for delayed distribution 
requests. The uncWmad money ahal return to die trust attfie and of 5 years 
tom tiie and of sudi accounting period. 

M reinvestment requests to a whole multiple of 100 Units ate to ba sent no 
tater than August, 20 1992 together with the above mentioned required 
documents, to one of the Mtastog add ress ee: 

- if toe IDRs are heto to Eurodew :n Eurodear Operations Center. 
Equities Deportment. 4 me de la Rdgance. 1000 Brussels (telephone 
number 32 2 5191447: telex number B1Q25) 

- It the IDRs are held outside Eurodear: to Morgan Guaranty Trust 
Company ol New Yu*. Securities Department, 35 Avenue des Arts. 

1040 Brussels ( t el ep hon o number 32 2 508 8215; telex 217S2) 

The Issue price for mtovesttnant wfl be toe net asset value per unit on August 

to cases where reinvested distributions are not muMples of 100 Units, the 
Unit holder can request a partial nrinvessmrtt and a partial cash dstrfeution. 

Tha reinvestment ahafl be made on August 23, 1992 and the issue and 
nnsfer of IDRs to tiie persons entitled to reinvestment on September 30, 

Lkxgan Guaranty Trust Company ol New Yorit 
Brussels Oflba. 

This announcement appears as a matter of record only. 

Espace Beaulieu S.A. 

Non-Recourse Senior and 
Mezzanine Debt Facilities of 

Adviser and Arranger 

Citibank, N.A. 

Senior Debt Facility provided by 

Senior Lead Manager and Facility Agent 


Lead Manager 

DePfa-Bank Group 

_ Managers 

Bayerische Landesbank International S.A. 

Credit Communal de Belgique-Gemeentekrediet van Belgie 

Credit Lyonnais Belgium SA. 


_ Mezzanine Debt Facility provided by 

Citibank. NA. • ASLK-CGER Bank 

To assist in the acquisition of the property. Espace Beaulieu. Brussels, from Codic SA., 

tor the sum of BEF5,600.000.000 

June 1992 




• Appears every 
Wednesday, & Thursday 

-Iriday • 

* Oh the 1 international „ 
: .addition only) 

Tb tbc Holder* of 
International Bank for 
Reconstruction and 

Undated US. Dollar Floating Rale Notes 

In accordance with the provisiomof 
tbo Notes, notice Is hereby given that 
the above Notes will bear interest for 
the period from June 15,1992 to and 
including September 14,1992at a rate 
per Sun*4^45121962% payable 
■on September 15,1992 in the amount 
ofSlw-49 in respect of each $10,000 
prtncfpnJ amoant oTNotes and S2J12.16 
.£ respect of each $250,000 principal 
amount of Notes. 


nr lnaLAhenf Agnv 
Dated: June 19,-1992 



Term SubcnteatedFloettnt Rate 
Nates Doe 2M9 

In acconknoo tritii tba praidw of dm 
Note, aod» ii bneby gjveq tire for dm 

ii. wntrfl to ( m pedfid fcam lp JbBB 

1992 u 21 De on a ba r 1992, lbs Nats 
wiB espy u bxerert Rata of 54371% 
pffmmL UtelntaEftpaytiUemiha 
ralsvaat interest psymaat date 21 
Daoemte 1992 wffl be A$3j0*.16per 





Notice is hereby given that, is accordance with the 
provisions of the above mentioned Floating Rate Notes, the 
rate of interest far the six months period from June 17,1992 
to December 17,1992 has been fixed at4.375% per annum. 

The interest payable on December 17,1992 will be 
US$111.20 in respect of each Note of US$5#)0. 


tiwRspalriootSMfli AMea) 
Company Ra gto mtioii Ito: 01/0187*06 


Shareholders are advisod that 
rtegotiabena which could affect the 
share price are a® to progress and. 
until a further announcement la 
made, sharehoktera are advised to 
exsrct&a caution in dealing In thair 



K^an IntematkMial Bank Pic 

US$ 45^)00,000 

Subordmated Floating Rate Notes chie 1996 

In a ccordance with the provisions of the Notes, notice is hereby 
given that for the interest penod from June 18,1992 to Decem¬ 
ber 18.1 992. the Notes will carry an interest rate 
of 4^8% per annum and the 

coupon amount per USS 10,000 A gte\ _ Ba* 

wffl be US$219.22. IrJjR Kre di etbank 

|liSXrf Lwmmboiwg 



O&Y unveils revised plan 
for restructuring of debt 

By Bernard Simon In Toronto 

OLYMPIA & York yesterday 
outlined a new debt-restructur¬ 
ing proposal which would 
include extending repayments 
on most of its debt for five 
years. It would also mean dis¬ 
posing of some of its Cana dian 
properties and other invest¬ 

The company reaffirmed an 
earlier plan to convert some of 
its C$13,5bn (USSlLftn) debt 
into equity. However, it contin¬ 
ues to insist that control 
remain with its existing own¬ 
ers, Toronto’s Reichmann 
family. * 

The new proposals, which 
are still being discussed with 
key creditors, were contained 
in a progress report to the 
Ontario court of justice. 

Separately, a group of Cana¬ 
dian banks applied to the court 
to terminate interest rate 
swaps with O&Y. The banks 
argued that the value of the 
swaps, which are considered 
an asset, is declining as inter¬ 
est rates £a£L 

O&Y, however, maintains 
that it requires the instru¬ 
ments to protect It against 
adverse interest rate move¬ 

Telephone union 
to enlarge 2.9% 
stake in Telmex 

By Damian Fraser 
in Mexico City 

THE HEAD of Mexico’s union 
of telephone workers has 
denied reports his group 
planned to sell its stake in Tel¬ 
mex, the Mexican telephone 
utility. Mr Francisco Hernan¬ 
dez Juarez said yesterday the 
union would instead enlarge 
its 23 per cent holding. 

“In the next two months we 
will be seeking to buy an addi¬ 
tional 2 per cent of the com¬ 
pany, and are looking for cred¬ 
its to make the purchase,” he 

Telmex shares have fallen 
sharply over the past week on 
the rumours. 

• Banacci, which owns 
Mexico's largest bank, appears 
ready to make a planned new 
equity offering. 

In its submission, O&Y reit¬ 
erated the importance of 
remaining a going concern. It 
warned that Immediate liquida¬ 
tion would result in "signifi¬ 
cant losses to virtually all 
groups of creditors'*. It also 
said common management of 
its properties “serves to 
increase asset values in the 

The latest restructuring pro¬ 
posals call for loans to be cat¬ 
egorised as either convertible 
debt or nan-convertible debt 
At the end of the five-year 
standstill period, convertible 
debt-holders would have the 
option of exchanging their 
claims into common shares. 

The company also promised 
to draw up annual 12 -month 
and 24-month business plans to 
be approved by an operating 
committee representing the 

It proposed liquidating mar¬ 
ketable securities on an 
orderly basis, except for cer¬ 
tain core holdings. Including 
its stakes in Gulf Canada 
Resources, newsprint-maker 
Abitlbi-Price, and property 
developer Trizec. 

Meanwhile, O&Y's informa¬ 
tion officer filed his first 
monthly report on the ailing 

developer’s financial condition 
yesterday, and promised 
m onthly briefings to the com¬ 
pany’s far-flung creditors. 

The report, compiled by Mr 
Bernard Wilson, a partner at 
Price Waterhouse, will be 
m«dp available only to O&Y’s 
creditors and other outsiders 
this morning. 

The reports stem from credi¬ 
tors’ efforts to obtain more 
detailed information since 
O&Y filed for bankruptcy pro¬ 
tection for its Canadian assets 
on May 14. O&Y handed con¬ 
trol of the Canary Wharf proj¬ 
ect In London’s Docklands bo 
administrators two weeks 
later, but Its US buildings 
remain outside the court 

The court order covers about 
two-thirds of . O&Y’s C$13-5bn 
debt Creditors affected by the 
Canadian order, including 91 
banks and many holders of 
publicly-traded securities, have 
been divided into six commit¬ 
tees to facilitate negotiations 
on the restructuring plan 
which O&Y is now compiling. 

Mr Wilson said a FW corpo¬ 
rate finance team was also 
working with O&Y and the 
creditors “in a pro-active man¬ 
ner” on the restructuring plan. 

Foschini at R169m 
pre-tax for 15 months 

By Philip GawRh 
in Johannesburg 

FOSCHINI, the South African 
clothing, jewellery and accesso¬ 
ries retailer, yesterday 
reported taxable profits of 
Rl68.9m ($46.9m) for the 15 
months to March on turnover 
of R1.15bn. 

This compares with pro-tax 
profits of Rl4&9m on turnover 
of R822m for the previous 12 
months. Annualised figures for 
the 15 months are not strictly 
comparable because they 
include two calendar first quar¬ 
ters, traditionally periods of 
low profit 

Net income for the 15 
months came to R92.9m 
against R73.4m for the 12 
months. The figure includes a 
first-time dividend and attrib¬ 
utable retained income from 

Foschini's 35il per cent holding 
in Oceana Investment Corpora¬ 
tion of South Africa. Oceana 
holds 34.4 per cent of Etam, the 
UK fashion retailer which it 
fauna to take over last August 

Earnings per share were 
216.2 cents for the 15 months, 
compared with 18L2 cents for 
the previous year. A scrip divi¬ 
dend of one new share for 
every 83 held has been 

Mr Stanley Lewis, chairman, 

profits, which compare favour¬ 
ably with Its main competitors, 
reflected Foschini’s strategy of 
catering to the broad middle 
market where disposable 
Income was Increasing. 

The current year had started 
satisfactorily and he was confi¬ 
dent progress would be main¬ 

Semi has 
strong final 

By Meftfn Dickson 
In New York 

NATIONAL Semiconductor, 
the Silicon valley chip manu¬ 
facturer which has been 
restructuring itself; yesterday 
reported sharply higher 
fourth-quarter net earnings of 
$S7.5iii, up foam $5.6m a year 

Mr Gilbert Amelio, president 
and. chief executive, said the 
figures represented “the best 
profit performance for semi¬ 
conductor operations in any 
quarter in the past five years”. 

Saks totalled $49L5m, com¬ 
pared with 1444.9m. and earn¬ 
ings per share worked through 
at 22 cents, against 3 cents. 

The quarter included 14 
weeks rather than the normal 
13. Mr Amello said that taking 
this into account, sales and 
earnings still increased In the 
fourth quarter, both year to 
year and compared with the 
third quarter. 

Gross margins achieved the 
company's goal of 30 per cent, 
due mainly to cost reductions 
from the restructuring pro¬ 

The results were also helped 
by an $llm after-tax gain from 
potent licensing foes. 

The company said business 
conditions during the quarter 
showed strong seasonal 
improvement, with worldwide 
bootings up substantially over 
the third quarter and over the 
previous year’s fourth quarter. 

Computer peripheral book¬ 
ings continued to improve and 
automotive orders showed 
strong gains over 199l's 
unusually low levels. 

National Semi said that it 
expected economic trends to 
improve uHgtitly hi the' Wimhig 
fiscal year, “but not enough to 
offset the normal seasonal pat¬ 
terns In bookings and ship¬ 
ments". It had entered the cur¬ 
rent quarter with an improved 
backlog and had not yet seen 
the normal summer seasonal 

For the foil year, the com¬ 
pany reported a net loss of 
$, or $1.24 a share, on 
sales of fl.TZbh This compared 
with a loss of $15l.4m, or 
$1.56, on sales of $I.7bn in 

Ford, Chrysler ‘lowest cost’ makers 

By Martin Dickson 

FORD MOTOR and Chrysler of 
the US - have become the 
world's lowest-cost car manu¬ 
facturers, helped by the fact 
that American vehicle parts 
manufacturers have a 27 per 
cent cost advantage over Japa¬ 
nese rivals, claims a US study 
released yesterday. 

The report, by the indepen¬ 
dent Washington-based Eco¬ 
nomic Policy Institute, could 
prove controversial. 

US analysts agree that Ford 
and Chrysler have made great 
advantages over the past few 
years to narrow the production 
coat gap with Japanese rivals, 
but many believe the Japanese, 
and Toyota in particular, still 
have a significant edge. 

The study, carried put with 
the help of the highly-regarded 
Office for the Study of Automo¬ 

tive Transport at the Univer¬ 
sity of Michigan, estimates 
that the direct cost of produc¬ 
ing a small car is $5,415 at 
Ford, $5,841 at Chrysler and 
$8216 at Toyota. 

However, the severe prob¬ 
lems facing General Motors, 
the largest US manufacturer, 
are underlined by'the finding 
that it requires $7,205 to pro¬ 
duce a small car. 

The report said one reason 
for this was that GM relied on 
outside parts suppliers - more 
efficient than in-house subsid¬ 
iaries - for only 30 per cent of 
its-supplies, compared with 50 
per cent for Ford and 70 per 
cent for Chrysler. 

GM, which also lags the 
other two companies in utilisa¬ 
tion of its factories, is in the 
throes of a huge restructuring 
which involves both plant clo¬ 
sures and a rationalisation of 

its parte, supply network to 
slash costs. 

Other analysts said a weak¬ 
ness of this kind of study was 
that it' made comparisons in 
terms of currencies, which can 
fluctuate widely over time. 

The figures showing Ford 
and Chrysler on top also 
assume that all factories work 
at full capacity, and they do 
not include pension and 
healthcare costs, and differ¬ 
ences in costs of capital 
between the two countries. 

The study estimates that US 
plants ran last year at 62 per 
cent of capacity, compared 
with 95 per cent for Japan, 
adding $800 to $1,500 to 
Detroit’s costs per car. It also 
faced a $600 disadvantage 
because of the high US cost of 
pension and healthcare bene¬ 

When these factors were 

Ashland Oil warns of reverse 

By Karen Zagor in New York 

ASHLAND Oil. the 
Kentucky-based diversified 
energy company, yesterday 
predicted a significant drop in 
third-quarter earning s. 

It added that it would sell 
assets valued between $200m to 
5250m to compensate for the 
shortfall in net Income, given 
its large capital spending 
requirements for petroleum 

Ashland, which had net 
income of $76m, or $1.19 a 
share, in the 1991 third quar¬ 
ter, blamed declining refinery 

marg ins anH the cost of meet¬ 
ing increased environmental 
regulations for the disappoint¬ 
ing outlook. 

Mr John Hall, oh aiTrnaw and 
p-hief executive, said: “Without 
a marked improvement in refi¬ 
nery margins over the balance 
of our fiscal year, we will be 
unable to achieve last year’s 
results for either our fiscal 
fourth quarter or the year. 

u We believe it is prudent to 
sell some assets In order to 
maintain our financial flexibil¬ 
ity during this difficult period 
in the industry,” he added. 

“We have attempted to select 

assets that are currently pro¬ 
viding us with a relatively low 
rate of return.” 

Ashland is considering sell¬ 
ing its SuperAmerica petrol 
and convenience stores in Flo¬ 
rida and its Arizona highway 
construction subsidiary. Some 
smaller assets and parts of 

ff fhur ly ing!piay aim be 

put on the block. The proceeds 
will be used to Cut debt. 

Ashland has retained First 
Boston to advise It on the dis¬ 

On Wall Street, shares in 
Ashland eased $% to $27tt at 
midday yesterday. 

Woolworth steps up European drive 

By Karan Zagor 

WOOLWORTH, the large US 
retell group, said yesterday it 
would accelerate its plans to 
expand in Europe by opening 
at least 890 Foot Locker ath¬ 
letic footwear and apparel 
stores in the next eight years. 

The company, whose busi¬ 
nesses range from general mer¬ 
chandise stores to specialty 
chains, has 110 Foot Locker 
stores In seven European coun¬ 
tries, including Belgium. 
England and Germany. It said 
it expected to open about 60 
new stores by the mid of this 

Woolworth had planned for 
about 1,000 Foot Locker stores 
in Europe in the next 10 to 15 
years. The company has esti¬ 
mated that these could bring in 
up to $ 2 ba in annual sales. 

Speaking at a shareholders’ 
meeting in North Carolina Mr 
Harold Sells, chairman and 
chief executive, said conditions 
in the athletic footwear market 
in Europe were similar to the 
North American market about 
15 years ago. Between 1983 and 
1990, Foot Locker sales quadru¬ 
pled to $l.5bn, although the 
rate of growth has slowed 
since then. 

As the US athletic shoe mar¬ 

ket nears saturation, expan- j 
sion into untapped markets 
overseas has long seemed the I 
logical next step. Mr Sells said 
Foot Locker might also expand 
Into the former eastern bloc 
countries and the Pacific Rim. 

Woolworth’s strength as a 
specialty athletic shoe retailer 
has been hi marked contrast to. 
the recent performance of its 
more general retailing 

At the beginning of this year; 
Woolworth said it would over¬ 
haul its operations by selling 
or re-deploying 900 poorly- 
performing stores and elimi¬ 
nating 10,000 jobs. 

taken into account, Toyota 
became the lowest-cost pro¬ 
ducer, with Ford slipping to 
second place. 

Mr Clyde Prestowta, presi¬ 
dent of the policy institute add 
a critic of Japan’s trading prac¬ 
tices, argued that Detroit^ sur¬ 
vival was still threatened by 
factors beyond its control ana 
he called for action by Wash¬ 
ington to support the industry, 
fqfiurffng easing its welfare 
benefits burden. 

The study will be regarded 
as helpful ammunition by the 
auto parts industry in its cam¬ 
paign to sell more to Japanese 

The US industry has long 
argued that it is more efficient 
than Japanese rivals, but has 
been kept out of assemblers 
plants by the keireisu system 
of inter-loclring Japanese cor¬ 
porate ownership. 

Public offer 
considered in 
UPI rescue 

MR LEON Charney, a former 
adviser to the Carter adminis¬ 
tration who may launch a bid 
for United Press International, 
said he was considering a plan 
to revive the ailing news ser¬ 
vice through public offerings 
to subscribers and correspon¬ 
dents, AP-DJ reports. Under 
the pi«n, UPI would become a 

Mr Charney, who recently 
provided $180,000 to keep UPI 
operating until June 22, yester¬ 
day met in Amsterdam with a 
representative of the National 
Postal Lottery, which may 
pump as much as $3 .5m into 
UPI under a proposed rescue 
plan. The foundation raises 
money through lottery sales. 

The Dutch foundation's 
efforts are being led by Mr Bob 
Goldner, a former UPI execu¬ 
tive, and Mr Julian Isherwood, 
a UPI Journalist based in 

It expects a restructured UPI 
to expand coverage of environ¬ 
mental and Third World Issues. 

Mr Charney said an invest¬ 
ment by the Dutch foundation, 
if it materialised, would pro¬ 
vide funds to keep the news 
wire running for an extended 
period while detailed plans for 
a public offering could be 
worked out 

This announcement appears as a mailer of record only. 


(A Decentralised Public Agency of the United Mexican States) 

FF 500,000,000 
10 3 A% Notes due 1994 

Issue Price 99.85 % 

James Hardie industries Limited 

A.CJL 000 009 263 

James Hardie - Australia, New Zealand, USA - a leader in building products, 

systems and services. 

Ye ar to 

31 March 1992 

Year to 

31 March 1991 

Sales revenue 

$A million 




Earnings before interest and tax (EBIT) 

$A million 

■ 32A 



Profit after tax and minorities 

$A million 




Abnormal items net of tax and minorities 

$A million 



Earnings per share (before abnormal) 




Dividends per share 




- EBIT for six months to 31 March 1992 up 28 per cent on previous six months. 

- Abnormal write-offs reflect review of investment portfoRo and non-current assets, including Fibre Cement 

- Sales steady in core businesses maintained with larger shares of shrinking markets. 

- Balance sheet strengthened and gearing reduced to 26% from 46%. 

• Continued investment in R & D and equipment and technology. 

• Exports up 38 per cent to $77 milKon and increasing. 

Fbr further Information contact: The Company Secretary, 

James Hardie Industries Limited, 65 York Street, Sydney, NSW, 2000, Australia. 
Phone (02)2905333 Fax: (02) 262 4394 









Financial Times 
Annual Report Service 

On 23 / 24 / 25 / 26 June, the Financial 1111165 will publish its Annual 
Report Service. 

Over the 4 days the annual reports of 80 leading companies will be promoted in 
the feature. As a See service, FT readers will be invited to request copies. 

Don't forget to order your daily copy of the Financial Times to take advan¬ 
tage of this service. 




Now»aherebyp*eoihu,m / 
accordance wiib Coodidao J ^ 2 } of 
abovc-capticncd Bonds trill be 
redeemed at thorprindp*! wnotint. 
on July 10,1992. 

Frankfurt am June, 1992 


financial times Friday june 19 1992 



Top Japanese brokers 
expect return to profits 

Bjr Robwt Thomson in Tokyo 

JAPAN’S leading tour, brokers- 
reported, generally lower prof¬ 
its.. from.. their overseas 
operations. last year, adding to 
the braises they suffered on 
the-Takyo stock market 
•. While Nomura Securities 
. was the only one of the quartet 
to report a_ consolidated after¬ 
tax profit last year, all four 
brokers optimistically aspect a 
return to- profits this year, in 
spite of the continuing market 
weakness. . 

Dalwa . Securities, which 
reported stronger overseas 
. earnings, and Nlkko Securities 
both managed to. report consol¬ 
idated pre-tax profits. Yara- 
alcbi Securities reported both 
before and after-tax losses for 

the year to the end of March. 

- Nomura, the largest Japa¬ 
nese broker, said the combined 
pre-tax profit of its overseas 
subsidiaries fell 69 J per cent to 
T8.8bn ($69.29m), leaving a 
group profit of Y46-2bn, down 
81.2 per cent. 

However, the company, as it 
did for parent profits, predicted 
a turn round for -the coming 
year, forecasting a 41 per cent 
increase in consolidated profit 
to Y65bn. 

In explaining its 58.4 per cent 
increase in the earnings at 
overseas subsidiaries, Daiwa 
said .it had done well in US 
Treasury bonds and in mort¬ 
gage-backed securities. Bat the 
group was still dominated by 
the parent's problems at home 
and reported an 84 per cent 

plunge in pre-tax profit to 


Nlkko reported a 20.5 per 
cent foil in the earnings of its 
overseas subsidiaries and an 
89.3 per cent foil in group pre¬ 
tax profit to Y8.6bn, while 
Yamaichi announced a 4.6 per 
cent decline in overseas subsid¬ 
iaries' profit and a loss of 
Y30^bn, compared with a pre¬ 
tax profit of Y71.6bn in the pre¬ 
vious year. 

Each of the brokers hoped 
for a revival of the Tokyo mar¬ 
ket to produce an upturn in 
profits this year, but the con¬ 
tinuing weakness of the Nikkei 
average and low turnover is 
likely to have left them with 
far worse than expected results 
for the first quarter, ending 
this month. 

Electricorp static at NZ$407m 

By Terry Hall In Wellington 

Zealand state-owned enterprise 
embroiled in controversy over 
a crisis in national electricity 
supplies, yesterday announced 
net profits of NZ$407m 
(US$226. lm) for the year to 
March .31 compared with 
N2$404m a year earlier. 

. U warned that profits' could 
drop to $250m in the current 
year as it is being forced to 
maximise the use of expensive 
coal and oil-powered thermal 
stations due to near-drought 
conditions in. the \ South 
Island’s lakes used to supply 60 
per cent of the country’s elec¬ 

Critics say Electricorp foiled 

to conserve lake levels in the 
hope that rains Wild come, a 
point the corporation disputes 

Electricorp yesterday signed 
an agreement under which it 
will pay Comalco, the Austra¬ 
lian aluminium producer, 
NZSKhn to close one-third of 
the capacity at its Bluff alu¬ 
minium smelter. The deal will 
allow 170MW of power to be 
diverted for use elsewhere in 
New Zealand. Comalco and its 
Sumitomo owners say the par¬ 
tial closure will cost it more 
than NZ$20m. 

There is widespread concern 
in New Zealand at the effect of 
■ the electricity shortage on 
industry which is working 
hard .to conserve power. How¬ 

ever, Mr Jim Bolger, prime 
minister, has ruled out accept¬ 
ing an official's recommenda¬ 
tion that industry go on a four- 
day working week. 

Announcing the latest result 
Mr John Ferny ho ugh, Electri¬ 
corp chairman, said the rate of 
return on shareholders' funds 
of 12 per cent was lower than 
the VL2 per cent of 1990-91 and 
was due to delaying power 
increases and the higher than 
anticipated fuel costs from 
December to March due to low 
hydro-storage levels. 

He said extra costs faced by 
Electricorp this year would be 
at least $150m because of the 
crisis. But he said forecasting 
profits was difficult due to the 
hydroelectricity problem. 

Sydney exchange may join Globex 

THE Sydney Futures Exchang e 
is in advanced talks to link It 
with the Globex after-hours - 
electronic futures and options 
exchange, Reuter reports. 

Mr Gary Gin ter, managing, 
director of Globex. said: It’s 
down to. the final strokes of a . 
draft [letter of intent]." 

-However, .. the. . Sydney 
exchange is unlikely to play an 
active role In Globex trading 
until around nud-1994, because- 

the optic fibre line used for 
transmissions is not due to be 
laid across the Pacific until 

. Globex t a joint venture 
between the Chicago Mercan¬ 
tile Exchange and the Chicago 
Board of Trade, developed with 
Reuters - is in advanced talks 
with three. different sets of 
potential member-exchanges, 
including Sydney and four 
exchanges in New . York, Mr 

Ginter said. The four 
exchanges are the New York 
Futures Exchange, the Cotton 
Exchange, the Coffee, Sugar 
and Cocoa Exchange, and the 
Commodity Exchange. 

Fairly advanced talks are 
taking place with an exchange 
in Europe, which he declined 
to name, 'hie Marche k Terme 
International de France (Matif) 
has signed as a member and 
will go live in early 1993. 

Mining dips 
into red as 
sales fall 

By Robert Thomson in Tokyo 

NIPPON Mining, the Japanese 
petroleum refiner and copper 
company, reported a 
consolidated pre-tax loss of 
Y3.34bn ($26.29m) and 

indicated that its acquisition 
of Gould, a US computer and 
copper company, had been an 
unexpected burden. 

The loss for the year to 
end-March followed a profit of 
Y14.9bn in the previous 
period, while the after-tax loss 
swelled to Yl6^bn, compared 
with a profit of Ys.Sbn. Group 
sales fell 12.7 per cent to 

Sales have been falling in 
Japan, but the biggest problem 
for the Japanese company has 
been the Illinois-based Gould, 
which it said had a Y24.Sbn 
loss because of costs 
associated with the 
restructuring of the company. 

Gould, purchased in 1988, 
was intended to be the 
centrepiece of Nippon Mining's 
expansion of its overseas 
operations and its 
diversification into 
electronics, but those plans 
have been compromised by the 
prolonged slump in the 
computer and semiconductor 

The company admitted that 
its electronics-related business 
has been weak and that 
demand for Gould’s copper 
products has also been less 
than expected, though it is 
confident that the liquidation 
of unprofitable businesses will 
produce profits this year. 

While Nippon Mining’s sales 
were likely to have continued 
to fall, forecasts for the 
current year are distorted by a 
merger with Kyodo Oil, 
scheduled for December 1. 
Taking that merger into 
account, the company is 
forecasting a pre-tax profit iff 
Yl6bn and total sales of 

• Mr Minoru Nagaoka. Tokyo 
Stock Exchange chairman, 
yesterday called on Japanese 
companies to raise dividends 
and lower the mini mum 
trading units of their shares to 
entice investors back to the 
stock market; Reuter reports. 

Japan enacts financial sector reforms 

By EmHco Terazono in Tokyo 

BARRIERS. between Japan's 
banking and securities busi-. 
ness are to be lowered follow¬ 
ing legislative reform yester¬ 
day allowing banks and 
securities houses to enter each 
other's businesses. 

While banks will not be 
allowed to enter broking - 
partly because of strong oppo¬ 
sition from the securities 
industry - the legislative 
changes symbolise an end to 
prolonged debate over finan¬ 
cial sector reforms. 

They come at a tough time 

for Japanese financial institu¬ 
tions, following sharp foils In 
the stock and real estate mar¬ 
kets. ' 

While banks are considering 
establishing securities subsid¬ 
iaries' specialising in under¬ 
writing as early as next year, 
brokers, facing severe down¬ 
turn In profits, are unlikely to 
have the financial strength to 
enter the banking arena. 

The reform bills also include 
the establishment of a finan¬ 
cial markets watchdog next 
month. It is to be headed by Mr 
Toshihiro Mizuhara. superin¬ 
tendent public prosecutor of 

the Nagoya High Public Prose¬ 
cutor's Office. 

The House of Councillors 
also passed revisions of the 
Loan Business Law, which will 
increase the Finance Ministry's 
grip on non-bank financial 

Meanwhile, the Japanese 
insurance Industry has 
presented an advisory report to 
the Finance Ministry pressing 
for deregulation Deregulation 
of life and non-life insurance 
has lagged behind 
liberalisation in broking and 

Insurance companies also 

want to enter banking and 
broking, and are keen to 
acquire a share of the lucrative 
underwriting business. 

The report also recommends 
the easing of barriers between 
life and non-life industries, 
where both parties can sell 
accident, illness and nursing 

Proposals for legislative 
changes are expected to be 
presented daring the ordinary 
session of parliament in 1994. 
Although the reforms could be 
implemented as early as 1995, 
industry officials are sceptical 
of an early Implementation. 

Taiwan loosens grip on China Steel 

A $680m rights issue will leave 76% in state hands, writes Luisetta Mudie 

T HE second part or the 
partial privatisation of 
Taiwan's biggest steel 
group gets under way this 
month when local investors 
have the opportunity to apply 
for a $680m issue of shares. 

The issue by China Steel 
reduces the Taiwan govern¬ 
ment's stake to 76 per cent It 
completes a share disposal pro¬ 
gramme worth more than jabn 
to the government 
In May, 5 per cent of the 
company was sold to foreign 
investors in the form of Global 
Depository Receipts (GDRs). 

Other local companies are 
eager to issue GDRs. President, 
the privately-owned food 
group, hopes to sell 3100m of 
GDRs soon. Asia Cement and 
Chlah Hsin Cement have also 
submitted applications. 

China Steel, Taiwan's only 

integrated steel mill, was 
founded in 197L It grew, with 
US help, into a vast sprawling 
plant worth $5bn and capable 
of competing in the Japanese 

Despite the worldwide drop 
in steel prices, it managed to 
maintain net margins at 17.4 
per cent in 1991. China Steel 
dominates the local market 
with a 60 per cent share. It will 
continue to concentrate on 
domestic business as demand 
continues to rise. 

The government will retain a 
controlling stake for at least 
four years. Privatisation will 
eventually free China Steel 
from the onerous process of 
obtaining parliamentary 
approval for all big derisions, 
and bringing hew flexibility to 
financial, personnel and bud¬ 
get management 

Last month, legislators pres¬ 
sured the government into for¬ 
bidding China Steel from 
investing in Taiwan Aerospace, 
saying the move was too far 
from the corporation's core 
business to be justified. 
Taiwan Aerospace was to have 
invested up to $2bn in McDon¬ 
nell Douglas, the US aircraft- 
maker, but it is now doubtful 
whether the deal will go ahead 
in its original form. 

C hina Steel is also 
exploring a joint ven¬ 
ture with the Austra¬ 
lian steel company BHP to pro¬ 
duce coking coal and iron ore, 
essential raw materials for 

A planned joint venture to 
build two new blast furnaces in 
Malaysia has been shelved 
indefinitely owing to a lack of 

government incentives. How¬ 
ever, China Steel says it 
remains open to negotiations 
with the Lion Group, its pro¬ 
posed partner. 

A fourth blast furnace is 
planned for the Kaohsiung site, 
and the company will be 
expanding its rod and bar pro¬ 
duction capacity, as well as 
extending its range of 
value-added products, such as 
stainless steeL Mainland China 
might be also be considered as 
a location for farther expan¬ 

China Steel is already 
looking ahead to the next 
share issue. "Maybe if this goes 
well the government will push 
out another 20 per cent From 
there it would be a small step 
to moving to a 49 per cent 
minority government stake," 
the company said. 

Bahrain SE to expand 

BAHRAIN’S stock exchange 
hopes to begin listing foreign 
companies during' the second 
half of 1992 as part of ground¬ 
breaking plans to boost share 
trading on the Gulf bourse, 
Reuter reports from Manama. 

Mr Fawzi Behzad, head of 
the stock exchange, said the 
board was studying detailed 
regulations for the move, 
which was planned initially for 

“I think now we are ready, 
and I hope before this year 
ends we wiJJ, see it happen.” 

He said "Officials were also 

preparing a system which 
would allow foreign and local 
debt securities to be traded on 
the Bahrain exchange, which 
has 30 listed companies and 
paid-up capital of about $2.4bn. 

Mr Behzad hopes the move 
will encourage Bahraini com¬ 
panies to begin issuing debt 
instruments to raise capitaL 

Rahraini officials were also 
studying proposals - already 
approved - for the creation of 
mutual trust funds, which 
would indirectly allow foreign¬ 
ers to trade in stock of local 
companies, he said. 

S Korean banking move 

SOUTH KOREA Is to allow the 
creation Of joint-venture mer¬ 
chant banks with foreign part¬ 
ners for the first time in 13 
years, AF-DJ reports from 

The Ministry of Finance said 
up to three merchant banks 
would be set up this year to 
"accelerate the deregulation of 
the flnanrial industry". 

It said each of the new mer¬ 
chant banks would be capital¬ 
ised at $38.5m. Domestic finan¬ 
cial institutions, mostly banks 
and insurance firms, must owq 
more than 50 per cent of the 

joint ventures, it said. 

Foreign financial Institutions 
win be able to make an equity 
participation of between 10 and 
just less than 50 per cent 

The ministry said It would 
give preference to applicants 
wishing to help small and 
medium-sized companies move 
their plants to China, eastern 
Europe and the former Soviet 

According to reports, several 
conglomerates, including Sam¬ 
sung and Lucky-Golds tar, have 
sought to set up merchant 
banks with foreign banks. 

June 1992 

This Announcement Appears as a Matter of Record Only 


a majority-owned affiliate of 

Vallaroche Investissement 

a wholly owned subsidiary of 


. Was acquired rite stock of 


Springfield, Ohio 

The undersigned acred as advisor to SNECMA 

DGA International, Inc. 

Washington, D.C. 

Taiwan Power Company 

(incorporated wtti limited Sabifity in Taiwan, Republic erf China} 


Floating Rate Notes Due 1992 

Holders of Floating Rate Notes of the above issue are 
hereby notified that for tire next interest period from June 
22 ,1992 to December 22,1992 the following information 

1. Applicable 

interest rate; 5.25% per annum 

2 . interest payable on next Interest 

payment data; US$266.88 

per US$10,000.00 nominal or 

per US$250,000,000 nominal 

3. Next interest 
payment date: 

Reference Agent 

‘BA Asia Limited 


Perot & the Markets - Boom or Crash? 

?,-cd C!I about it m FuH&Money. pI-j: lot 

inch-:, bonds 

Fcrquri^ricn ;cr a :cmp : o uo 


The FT proposes to pub¬ 
lish this survey on 
July 3 1992. 

The first ever FT survey 
on this subject will be 
published in the FT of 
that day and will be 
printed in London, 
Frankfurt, Roubaix, New 
Jersey and Tokyo. It will 
be distributed in 160 
countries world-wide. 

For Turther information 
about advertising in this 
survey please contact, 
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Tel: (22) 48 97 87 

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Tel (095) 243 19 57 

Fax (095) 251 24 57 



Banco Central de Venezuela 

U.S. $281,677,500 

Floating Rate Bonds due 2005 
USD New Money Series B-NP 

Banco Central de Venezuela 

U.S. $282,265,000 

Floating Rate Bonds due 2005 
USD New Money Series B-P 

m acoonbnnwtetopiwtalmaltiw Bonds. noUca a hereby {fw*i Out tor Ow Mere* 
Period from June 18.1982 to Dewmtoer W. 1992 toe Bonds «■ cany an Merest Rate at 
5% per annum. Uw Mansi payable on tea rate*** Meres peymert dote. December 
18, WS2 be US. S25.42 per L/.S SI.OOO prUdpaJ wnounc 
By: TtoChme Manhattan Bank, MA. 

AgentBenk CHASE 

June 19.1992 WW 

The Republic of Venezuela 

U.S. $395,931,500 

Floating Rate Bonds due 2005 
USD New Money Series A 

In acconteuewNfi the pmvtatansof the Banda, notice Ea heteay B*w trial far toe Merest 
Pariod tram June 18,1B92 to DewmberlB, 1992 be Bonds id cany an Merest Rat* oJ 
per unman. The Merest payable on the retewnt Wared payment date. Decanter 
18 , 1992 uN bo U-S. S28 jQ 5 per U.S. 81,000 principal amount. 

By. The Chne Manhattan Bank, NJL 
Agent Benk 


Jm 19.1992 

The Republic of Venezuela 

U.S. $5,153,860,000 

Floating Rate Bonds due 2007 
USD Debt Conversion Series DL 
inaccordance win thapiMWcraoftoe Bonds, noticeis hereby given tank*the (mental 
Period tram June 18, MB to December IB, 1992toe Bonds wM carry an Interest Rata of 
5% par annum. The interest payable on tha relawnl Wore* payment daw.Decwitor 
18.1992«A t» LLS. S2B M per US. SI ,000 print** amount 

By: The etwee Manhattan Bonk, HA. 

Agent Bank 





(BegtstraBor No.64/04462/06) 


fl SxnanT) 

(R a gfasattonNa 05/08381/OB) 



(Ftegtatnaion No- 05/D5632/06) 
(Mco mpa rlBsk Kxxp arB l ritn the Repubk: a/South Africa) 


Shareholders of Wool. Libanon and Vanterspost are advised that 
negotiations are in progress reganflng the posstole integration of the 
operations of these companies which, If successfully concluded, may 
have an impact on ifta prices of tha companies' sharea 
Shareholders are foerefoie advised to oerclse caution in their share 


RaQMeredOfice and Hoad Office 
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Italian seesaw continues as fears of devaluation persist 

By Richard Waters in London 
and Patrick Harveraon 
in New York 

ITALIAN government bond 
prices leapt and then plummet' 
tod yesterday in a second day 
of highly-volatile trading as the 
Bank of Italy failed to lift the 
spectre ofdevaluation from the 
market - 


Bond prices opened lower on 
continuing Chars about the out¬ 
come of the Irish referendum 
on the Maastricht agreement 
but jumped later In the morn¬ 
ing as Mr Giuliano Amato was 
asked to form a government, 
raising some hopes that Italy 
will finally tackle its constitu¬ 
tional crisis. 

The market took further 
heart from reports that the 
Finance' Ministry is consider¬ 
ing abolishing the 125 per cent 
withholding tax paid by for¬ 
eigners on government bonds. 
“We’ve heard before that 

CBOE seeks 
listing for S&P 
quarterly options 

By Barbara Durr In Chicago 

CHICAGO Board Options I 
Exchange is seeking approval j 
to list options on the Standard 
& Poors 100 and 600 Indices 
that expire quarterly. The 
CBOE already trades S&P 100 
and 500 options, bat these 
expire monthly. 

The exchange believes that 
quarterly expirations for these 
heavily-traded products would 
help accommodate institu¬ 
tional investors whose perfor¬ 
mance is judged on a quarterly 
and yearly basis. Mr Duke 
Chapman, CBOE chairman, 
said the move was w in 
response to customer needs”, 

The products, referred to as 
Quarterly Index Expirations, 
or QIXs, in the filing, would 
have similar terms to the cor¬ 
responding regular index 
options. This means the S&P 
100 QIXs would have Ameri¬ 
can style exercise, while the 
S&P 500 QIXs would have 
European exercise. 

The exchange Intends to list 
the new options for as many as 
eight quarters. 

they’re thinking about this." 
said one sceptical observer. 
“They don't yet have a trea¬ 
sury minister, and when they 
do, he will have more urgent 
things to think about than 
withholding' tax.” 

The market's confident mood 
did not last A sharp rise in the 
rate paid at the morning repur¬ 
chase auction (the minimum 
rate was 1L8 per cent up from 
14^ per cent yesterday) sent a 
strong signal of the Bank of 
Italy’s intention of protecting 
the lira. But that didn't stop 
the currency falling back later, 
raising fears that the authori¬ 
ties will be forced over the 
weekend to raise the discount 

The sharp price movements 
were reflected In the futures 
contract on Liffe. Having 
opened at 95.46, the contract 
leapt to 95.71 before sliding 
down to 94.98. It ended the day 
back at around 95.28. 

■ LONGER-dated UK govern¬ 
ment bonds fell slightly as the 
market trod water, waiting for 
the result today of the Irish 

vote on the Maastricht agree¬ 

Early rumours that the Irish 
had followed the Danes in vot¬ 
ing 'no' were largely disre¬ 
garded, but did not help the 
mood - particularly as the gilt 
market is already waiting ner¬ 
vously on next week's £2.75bn 
gflts auction. 

Against that background, 
mildly encouraging earnings 
data (average earnings rose by 
7 per cent in the year to April, 
down from 7.5 per cent in 
March) failed to lift the mar¬ 
ket’s spirits. The 9 per cent 
bonds due 2011 lost K of a 
point to 9S& a yield of 9.03 per 
cent, although shorter-dated 
gUts held steady. 

■ US monthly trade deficit and 
weekly jobless claims data that 
was mildly bullish for Trea¬ 
sury markets gave a modest ■ 
boost to bond prices yesterday 

By midday, the ben chmark 
39-year government bond was 
up £ at 1012& yielding 7.795 per 
cent. The two-year note was 
also firmer at midsession, up 

MOB, to carry a yield of 4585 
per cent 

Investors reacted positively 
to the news that the trade gap 
widened to $657bn in April, 
with exports falling and 
Imports rising only slightly, 
due primarily to higher oil 

The figures, along with the 
much smaller-than-expected 
2,000 decline in jobless claims 
for the first week of June, con¬ 
firmed that the economy is 
recovering only slowly. 

Treasury prices were also 
said to have been supported by 
expectations of a “flight to 
quality” by equity investors - 
scared away freon stocks by the 
steady recent decline in share 





_ No 128 




Coupon Pete PHe» 

Kudo loro mssn 

9.000 OWN 100.4000* 
&50Q <HA>2 102.4000 

aooo n«» M-isoo 

aaoo aw stmsi 

eJSOO 11/02 87.8800 

а. ooo oi/oa too.isoo 

18.000 05KB 95.1800 

4800 OUH 95JMS5 

б. 400 03/00 10&SS31 

aaso oama oa.non 

Tiaoo 0002 88.0280" 

10.000 11/BB 102-38 

9.750 . 06/02 103-25 

ftflOP lavs 98-18 

7.BOO 05/02 102-05 

MOP \\&\ 102-08 

1L50b 03/02 97.0300 

9.750 .06/02 
84100 1008 

■ THE continuing collapse in 
Tokyo share prices helped to 
fuel expectations of a more 
relaxed monetary stance from 
the Bank of Japan, prompting 
buying of short-dated paper in 

Mr Yasuchi M^m o. Bank of 
Japan governor, had continued 
to stress on Wednesday that 

US TREASURY * 7J500 05/02 102-05 

_ aOOO lUSt 10248 

ECU (French Govt} 8J00 03/02 97.0300 

London doting. “New York morning Motion 
t Grogs annual yield (tnduamg withhofeUna tax at 

prices: US. UK In 32nda. Others In decimal 

WMk Month 
Change YMrf ago ago 
»Q.9S0 9SI B.94 9,07 

- _ ate a-90 a.79 

■0300 s.14 8.43 

>0-133 9.13 &M 8.73 

-0-384 a oa ate a n 

■0.410 a 78 a?* am 

•0.040 7.96 7.91 7,96 

-0.340 iaaet m? izm 

+0.146 £61 5.72 5.4 1 

1-0.138 5,39 5.47 5.47 

-aroo 8^8 3-37 fi-31 

-0-32S ll.g 11.51 Iftte 

+ 1/32 9.18 923 8.15 

■«32 9.17 9.14 9-04 

-c/32 ago , a os aai 

+■6/32 7.19 7.32 7.23 

■*■1002 7.90 7£7 7.79 

+0.120 8S6 895 8-59 

Yields: Local marten standard 
t 185 per cant payable by non-res*- 

TteMeal Osm/ATLAS Pries Sourcm 

there would be no change in 
the authorities’ stance: but the 
damage done by falling share 
prices on the banking system 
and hence the supply of credit 
left many convinced Mr Mieno 
would have no choice but to 

Asian Bank launches $500m Eurodollar deal 

By Simon London 

THE Asian Development Bank 
yesterday launched its first 
Eurodollar bond issue for four 
years, raising (500m 10-year 
funding in a deal lead-managed 
by Goldman Sachs. 

The 714 per cent bonds were 
re-offered to investors at a 
fixed price of 99.492, where the 
yield was 27 basis points more 
than US Treasury bonds of the 
same maturity. 



Most participants in the deal 
commented that the pricing 
was aggressive. On Monday, 
OKB, the Austrian 
state-backed financial 
institution which is one of the 
most admired names in the 
Euromarket, launched 10-year 
paper on a yield spread of 26 
basis points. 

Eurodollar yield spreads 
have generally widened this 
week as institutional investors 
liquidated holdings of dollar 
bonds as the ITS currency 
weakened on the foreign 

exchange markets. The OKB 
bonds, for example, were 
yesterday trading on a 
yield spread of around 30 
basis points over Treasur¬ 

However, despite the tight 
pricing and lacklustre market 
conditions, the deal sold 
quickly. Syndicate officials 
reported buying in equal 
amounts by institutional 
investors in the Asia and 
Europe, including central 

“ADB’s absence from the 
Eurodollar market gave this 
Issue a scarcity value,” 
commented one syndicate 
official. “Investors are tired of 
buying World Bank and EJB 

Like these other 
supra-national institutions the 
ADB carries a top tripie-A 
credit rating. However, the EEB 
and World Bank can both sell 
bonds at artificially tight 
yield spreads because their 
securities are exempt from 
withholding tax in Italy. 

While EZB and World Bank 
band issues are supported by a 
core of tax-driven Italian 
demand, the ABB issue was 


Bonowar Amount m, Coupon % Pika Ma t u rity Fee* Book runner 


Asian Dev.Bank(a)t 500 7h 89.482 2002 Q.32S/0-2 Goldman Sacha 

Carfplofctft 150 (C) 98.75 1899 20/10 Nomura lull 

Dahwa IrrtjgUMCgnteriKflt _78_ 7»a 100 2002 2/iV PajwaBanft _ 


G6CC(b)t _100_ S 101.575 1997 1 yi^a Kidder Peabody Inti. _ 


Ajtian Dav.BanklaVt _300_ BH 100J0 2002 1/% ABN Amro _ 

★★Private placement fConvartlMa. With equity warrant*. {Floating rata note. 15Inal terms, a] Nan-callable, b) Part of Its 
global MTN programme. Nan-callable, cj Coupon pays 6 month Ubor plus 25bp. Non-callable, d) Callable at par on coupon 
data* iron 30/8/97. If call optton not exorcised the deal will pay a Floating rate note coupon of 6 month Libor plus 85bp. 

supported by buying from the 
Far East The bands traded at 
a yield spread between 26 and 
26 basis points through the 
day, closing in London in the 
middle of this range. 

The deal was scheduled to be 
launched early next week, 
however the'- market is 
expecting "-“-additional 
Eurodollar issuance. City of 
Kobe thought to be the first 
borrower in the market ‘ 

Elsewhere, the ADB also 
raised FI 300m 10-year funding 
yesterday from an issue lead 
managed by- ■ ABN Amro. 
Syndicate officials 1 reported a 
warm response from European 
institutional investors.'' 

General Electric Capital 
Corporation, the funding arm 
of the US manufacturer, 
became the latest borrower to 
make an underwritten bond 
issue under the legal 
documentation of its medium 
term note programme. 

The company launched 
CSlOOm five-year paper, 
underwritten by a syndicate 
of banks -led by Kidder 
Peabody. The deal carried 
traditional Eurobond fees of 
l'A per cent. Bankers said that 
the only difference between 
the issue and a conven¬ 
tional Eurobond was the 

• China has issued a set of 

rules to govern the public issue 
of shares by state industries, 
Renter reports from Beijing. 

Joint-stock regulations, 
drawn up by the State 
Planning Commission, are the 
first to specify which sections 
of China’s massive state sector 
will be allowed to turn 
to private investors for 

The new rules are part of 
Beijing's attempt to give more 
structure to the “stock market 
fever" which is sweeping 

Chinese stock markets have 
been opened in Shanghai and 
Shenzhen, just across the 
border from Hong Kong. . - 

Rome may exempt 
foreigners from 
withholding tax 

change his official position 

The yield on the benchmark 
bond No 129, which closed on 
Wednesday with a yield of 
5.405 per cent, fall further to 
&385 per cent 

By Haig Slmonian in Milan 

The Italian Treasury is 
studying ways of issuing bonds 
free of withholding tax for for¬ 
eign investors, according to a 
senior Finance Ministry offi¬ 

Although the scheme is not 
new, the news had an immedi¬ 
ate effect on the market, which 
has been extremely sensitive 
recently. Trading in Italian 
government bonds has been 
highly volatile for the past two 
weeks following growing politi¬ 
cal uncertainties about Italy's 
ability to meet the EC’s conver¬ 
gence criteria for Economic 
and Monetary Union. 

However, the notion of Issu¬ 
ing debt free of withholding 
tax for foreigners is fraught 
with difficulties, and may even 
be Impossible. Faying coupons 
gross to foreign Investors 
would lead to the creation of 
two markets for Italian govern¬ 
ment paper. A German attempt 
in the late 1960s to introduce 
withholding tax on domestic 
government debt proved 
short-lived owing to technical 

difficulties. Such complexities 
would be even greater in the 
case of Italy, where interest on 
government bonds is paid on 
an accrued basis rather than as 
a . lump sum on the coupon 

The Finance Ministry said 
the step was being considered 
in view of repayments of with¬ 
holding tax made to foreign 
bondholders in recent months. 

The derision to start reim¬ 
bursements provided a consid¬ 
erable fillip to the domestic 
bond market, which has gained 
in appeal for foreign investors 
over the past two years thanks 
to Italy's relatively high inter¬ 
est rates and a variety of 
reforms which have improved 
liquidity and trading practices. 

The ministpr said all out¬ 
standing claims on govern¬ 
ment paper had now been 
repaid. It implied that the size 
and number of reimburse¬ 
ments had triggered the Italian 
authorities to look Into ways to 
streamline the system farther, 
including exempting foreign 
investors from withholding tax 

ADB signals start of 
borrowing programme 

By Shnon London 

AN increasingly ambitious 
borrowing programme was 
marked yesterday by the Asian 
Development Bank. 

This year, the ADB hopes to 
borrow over $3bn from the cap¬ 
ital markets. This is expected 
to Increase by around J500m a 
year over the next few years. 
Until fast year, the hunk bor¬ 
rowed under $lbn annually. 

Increased borrowing partly 
reflects increased lending to 
the developing, nations of 
Asia. Demand for loans has 
increased with the pace of eco¬ 
nomic development Loan dis¬ 
bursements were over S2bn 
last year, against just $80Qm in 

The ADB was also able to 
fund some lending from excess 
liquidity built up during the 
mid-1980s, .. «• 

Mr Rip Min, assistant trea¬ 
surer, said excess liquidity 
resulted from a change in the 
bank's leading terms In 1986 
when it moved from making 
fixed to mostly variable rate 

The change was designed to 
limit the bank’s own refunding 
risk, by ensuring that its 
return from lending was 
always in line with its cost of 
funds. Since market risk was 
lower, lending margins were 

As margins were reduced, 
borrowers prepaid outstanding 
loans, leaving the ADB with a 
substantial over-bang of liquid¬ 
ity which is only 
now back to the pre-1986 

The ADB currently makes 
“hard loans” to development 
projects at a margin of 40 basis 
points over its cost of fBnds.- , 





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war m nwrt recant price ot he oharea. 

« T* Financial Times Ltd., 1992. Reproduction in rtnie or In part la any fwro nstptnnKLwi wttbort Witten cooku. 

Dau soppiM by mumatltnal Setnrlite Market AphcIaUm. 

8rltish Funds. 

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TRADITIONAL OPTION 3-month call rates 


• First Dealings June 8 Celle in Cray Electa., ibstock 

• Last Dealings June 10 Jetuwen, Proteus (ntL, Psion and 

• Last Declarations Sept 3 Waw. Puts in KMamazoo. Dou- 

• For settlement SepL 14. bias (Puts and cells) In Aran 
3-cnondi call rate Indications are Energy and BP. 

a/so shown on Oils paga. 



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Manweb advances to £95m 

^ 'v 

*Si ^ g 

* ■: '■ t< f 

l-.i : # ,: i 


MANWEB, tha Chester-based 
regional electricity company, 
raised pre-tax profits by 61 per 
cent from £S83m to £94.7m in 

the year to March 3L 

Uke the other regional elec¬ 
tricity companies,- Manweb 
earne d .mo st ot. Its bumper 
profit -frum~ price increases In 
April 1991, which were excep¬ 
tionally high to compensate 
for -undercharging the year 

In addition, Manweb said, 
the, comparable profits were 
depressed by exceptional costs. 
Excluding these effects, profits 
would have, increased by only 
26' per cent 

Earnings per share rose by 
60 per cent to 58.7p (36.7p) and 
by 71 per cent on the pro forma 
figure of 34_3p. The dividend is 
raised by id per cent to lSJJSp 
for the year, via a final of iow p 


The advance in operating 
profit to £93J2m (£56.8m) was 
earned in the core distribution 
business, which increased Its 
contribution by 83 per cent to 
£106 jhn. 

This was despite a 0.75 per 
cent decrease in units of elec¬ 
tricity sold, as recession 
depressed industrial sales. 

The company saved £102m 
in operating costs, mainly by 
shedding 1,000 jobs, or nearly 
18 per cent of its workforce. 

In the supply business, how¬ 
ever, an unforeseen £llm 
increase in costs gave a loss of. 
£5.3m, rather than the £6m 
profit the company had. expec¬ 

The retail division lost Elm, 
about the same as the previous 
year, and contracting was also 

Manweb’s strong cash flow 
paid for capital investment of 

more than £ 60 m, slightly down 
on the previous year. Gearing 
was down from 273 per cent to 
133 per cent, and tbe return on 
capital was 19.6 per cent on an 
historic cost basis. 

Continued cost cutting is 
expected to save between £3m 
and £4m via about 150-200 more 
Job losses. Both the supply and 
retail businesses are expected 
to move into profit, and elec¬ 
tricity sales are forecast to 
grow by about l per cent 


Manweb rather disingenuously 
based its demonstration that 
its underlying profit growth 
was only 26 per cent on actual 
tax and interest figures for the 
year to March 1991, rather than 
the pro forma figures which 
should be the basis of an accu¬ 
rate comparison of the two 
years. In fact, underlying 
growth is closer to 35 per cent 

That said, Manweb’s defence 
against the regulator was very 
sound, ft has slashed costs dra¬ 
matically, and has detailed 
plans for investment in the 
core business - capital expen¬ 
diture Is due to rise to maybe 
£85m next year. The only 
worry is that a company with a 
reputation for prudence should 
have failed - tiniiVe East Mid¬ 
lands and Norweb - to foresee 
the Increase in charges that 
pushed the supply business 
into loss. The City will be hop¬ 
ing that it fulfils its hopes of 
turning this and the retail 
business around next year. 

The company has forecast 
real dividend growth of 5-7 par 
cent in the period to 1995, as 
this year's profits were a one- 
off. Analysts predict pre-tax 
profits of £105m-£ll0m for the 
year to March 1993, putting the 
company on a prospective p/e 
of about 5.L 

Brent Walker deeper in loss at £387m 

By Maggie Urry 

ME" KEN Scobie," chief exec¬ 
utive of Brent Walker, said 
that yesterday’s results were 
not as bad in cash terms as 
they looked. 

Although there was. a pre-tax 
loss of £3873m (£122.7m), 
£157 3m of the E2353m interest 
charge was converted into 
term debt The. interest charge 
reflected the impact of higher 
interest rates imposed by the 
banks and a fun year of bor¬ 
rowings taken on in 1990. 

Also the profits- were struck 
after provisions for the fell in 
value of properties and other 
assets of £142L5m (£97.7m). 

However, the group has not 
written down the value of 
£Llbn of property assets which 
are being retained for the long 
term. These would be worth 
“significantly - less if they were 
revalued now but tbe directors 
do not expect the fell in value 
to be permanent 

Group sales were 10 per cent 
lower at £L58bn and operating 
profits were down 55 per emit 
to £4&4m. 

After tax of £726m (£193m) -‘ 
there were extraordinary 
charges of £l5.8m (£216m) 

Ken-Scobie: results not as bad as they looked 

relating to businesses being 
soli . . 

The WUham Hill betting divi¬ 
sion suffered a fell in sales 
from £1.5bn to .£L4bn, which 
Mr Scobie. said was a remark¬ 
ably good performance given 
the chain’s bias towards the 

south east of England. How¬ 
ever, a fell in turnover has a 
geared effect onoperating prof¬ 
its, he said, which fell from 
£57.1m to £45.4m. William Hill 
had had a better start to tbe 
current year, he said. 

Sales by the public houses 

division fell from £139.8m to 
£1242m and profits from £20m 
to £13.4xn. W ithin that the Pub- 
master chain of pubs held its 
profits bnt other businesses 

Mr Scobie said be expected 
the chain to total 3,000 pubs by 
the end of this year, and he 
had a longer-term aim to reach 
4,000 or 4,500. Rapid Improve¬ 
ments in trade were being seen 
in pubs which bad been refur¬ 

Profits from other activities, 
such as property development, 
were £Llm (£34J9m). 

The group said its claim for a 
substantial cut in the price of 
William ffill, which it bought 
from Grand Metropolitan in 
1989 for £685m, had now gone 
to an independent expert. 
Brent Walker has still not paid 
the final £5Qm of the purchase 
price which is accruing inter¬ 

The group is preparing its 
accounts on a going concern 
basis. This depends on Grand 
Metropolitan not demanding 
payment in toll of the £50m 
and interest and on the group 
operating within the terms set 
by its banks in the restructur¬ 

Bibby raises bid for Finanzauto to £86m 

By Polar Bruce In Madrid : 

J BIBBY & Sons, the UK 
industrial and agricultural 
conglomerate owned, by Bar- 
low Rand of South Africa, has 
raised its bid for Finanzauto, 
the Spanish Caterpillar dis¬ 
tributor, to Pta 1,500-a^hare 
in the face of growing doubts 
that its original Pta 1,300 
offer would succeed. 

The new price values the 
Spanish company at 

Pta 153bn (£862m), bnt 
Bibby failed to aecure Ftnan- 
za.uto’s backing 
in talks with management on 

Finanzauto said yesterday 
that the offer was a clear 
improvement and that it 
would pronounce on iteariy 
next week. E is expected that 
it will drop its opposition - 
the company has valued its 
stock at about Pta 1,700 - and 
adopt a neutral position. 

Mr Richard ManseR-Jones, 
Bibby’s chairman, said In 
Madrid yesterday he would 
not increase the offer again. 
For technical reasons, he said 
citing Spanish takeover regu¬ 
lations, “it would be impossi¬ 
ble to increase that price". 

He was “very confident” 
that the raised bid would be 
sufficient. “We thought we 
had an odda-on chance at 
Pta 1,300 and we feel it is a 
certainty at Pta RSOO.” 

The new price would repre¬ 
sent a price earnings ratio of 
22 on Fmanzauto’s 1991 con¬ 
solidated profits. 

Heavy buying of Finan¬ 
zauto stock hours before 
Bibby announced Its new 
offer, pushed the price 
beyond Pta 1380 for the first 
time since the takeover was 
launched. Bibby has 
requested an Inquiry by the 
stock market commission 
into the buying. 

Brokers downgrade profit 
forecast for MFI Furniture 

Enlarged Stirling more 
than doubles to £2.44m 

By Maggie Urry 

COUNTY NatWest Securities, 
the stockbroker, has c ut it s 
profit forecast for MFI Furni¬ 
ture, the retail group coming 
to the market next month. 

The issue is being bandied 
by County NatWest 1 s merchant 
banking . side, but the 
securities division is acting 
independently in writing 

County NatWest Securities is 
now forecasting a trading 
profit of £86m fbr the year to 
April 1993, a reduction from an 
estimate of £Z00m made before 
the pathfinder prospectus was 
issued a week ago. The forecast 
represents a rise of 173 per 
cent over the £733m reported 
for the 1991-92 financial year. 

Despite tbe reduced forecast, 
the broker still regards the 
shares as “one of the more 
attractive and safer recovery 
stocks In the sector". B: says its 

1993 forecast Indicates a price 
of 145p, and advises clients to 
buy a full weighting in the 
shares at up to 150p. At that 
price the market value of the 
group would be £872m. 

The pathfinder prospectus 
indicated that the group’s sales 
were currently flat. This 
caused the broker to cut its 
prediction for sales growth In 
the current flwanfdat year from 
10 per cent to 6 per cent In 
-turn that led to the lower trad¬ 
ing profit forecast 

County NatWest Securities is 
forecasting pre-tax profits of 
£77m, excluding exceptional 
charges of £26m relating to 
interest on the group's debt 
before the flotation and a 
bonus being paid to manage¬ 
ment It also forecasts earnings 
per share of 83p, which would 
be an increase of 18.7 per cent 
over the pro-forma figure of 
73p for 1991-92 shown in the 
pathfin der prospectus. 

By Peter Poaree 

acquired fellow clothing manu¬ 
facturer Ritz Design Group for 
about £19.2m at the end of 1991, 
more than doubled pre-tax 
profits to £2.44m in the year to 
March 31. 

The rise, from £L0fim, was 
struck on turnover 72 per cent 
ahead at £682m. Reasons for 
the advance, said Mr Peter 
Sheldon, chairman, were sev¬ 

The integration of the Kona 
Rose nightwear business, 
acquired in 1990, with Bent¬ 
wood's existing nightwear 
operation, played a part. Also 
important were improved man¬ 
ufacturing performances in the 
factories, tight cost controls 
across the group and the first- 
time contributions from Fiona 
Rose; E Gifford, the casualwear 
distributor acquired in July, 
and Ritz. 


%■ halved to 

PRE-TAX profits of Lookers, 
the Manchester-based motor 
dealer and agricultural 
machinery group, were halved, 
from ei 33m to £615300, i n the 
half year, to end-Marcb. Turn¬ 
over .declined by £19.7m to 
£3 54.4m. 

Mr Ken Martindale, chair¬ 
man, said the results of tbe 
businesses operated by the 
group had variously affected 
the economic diff iculties 
referred to in his last review. 

Profits on car sales were 
reduced against the back¬ 
ground of a national market 
which was down by more than 
13 per. cent on the previous 
year and 35. per cent on three 
years ago, he said. However, 
profitability. of service and 
parts remained steady. 

Results from the caravan 
business deteriorated slightly, 
although contract hire profits 
showed a considerable 
increase. Car delivery and van 

bodybuilding also improved. 

The interest charge fell to 
23.14m (£4 2m). Gearing has 
been cut from 115 per cent to 
107 per cent 

Losses per share were 0.9p 
(2p earnings), while the 
interim dividend is unchanged 
at $>. 

Davenport Vernon 
moves ahead 47% 

Davenport Vernon, the Buck¬ 
inghamshire-based multi-fran¬ 
chised motor group, lifted pre¬ 
tax profits by 47 per cent from 
£547.000 to £805300 in the six 
months to March 3L 

Turnover rose from £4S3m to 
£ 50 . 6 m and there was a 15 per 
cent improvement in operating 
profits to £1.29m (El. 12m). In 
addition, interest charges fell 
to £480,000 (£577,000). 

The Interim dividend is held 
at L5p, payable from earnings 
ahead to 4.1p (23p) per share. 

Widney reduces 
losses to £97,000 

Widney, the Birmingham-based 
engineering group, continued 
its trend of improving results 
with a reduction of pro-tax 
losses from £406300 to £97,000 
in the six months to March 31. 

Turnover declined slightly 
■ from £10m to £939m and at the 
operating level profits 
Improved to £314,000 (£94,000).' 

At the year ended September 
28 1991 operating profits were 
£429,000 against losses of 
£687,000 and pre-tax losses fell 
to £512,000 (£L62m). 

The interest charge for the 
current six months was 
reduced to £411,000 (£500,000) 
and there was an extraordi¬ 
nary charge of £58.000 (nil) 
related to the costs of an 
aborted acquisition. 

Losses per share were 

Some 70 per cent of both 
Ritz’s and Stirling’s clothing 
output was supplied to Marks 
and Spencer. Before the Ritz 
buy, Stirling had laid off more 
than 200 of its workforce, and 
ration a li s atio n ot the expanded 
group bad entailed the toss of a 
further 495 jobs, mainly from 
the closure of four smaller 
Bentwood factories. 

Some £L78m had been set 
aside from reserves to cover 
the rationalisation costa. The 
accent was now on consolida¬ 
tion and no more job cuts were 
expected, Mr Sheldon said. 

Earnings rose from 223p to 
3.0%>, heavily diluted by the 
increase of the shares in issue 
from 37m to 86m after the Ritz 
buy. The proposed final divi¬ 
dend is lifted 15 per emit to 

l_15p — w <wp flri«Tly plaanriing fnr 

the Ritz shareholders who 
have only been with us three 
months”, said Mr Sheldon — 
for a total of L66p CL5p). 

reduced to 033p (039p). 

GEI Inti still falls 
short on last time 

GEI International achieved 
progress in the second half, but 
not enough to match the previ¬ 
ous year’s result The pre-tax 
outcome for the year to March 
32 came to £3.12m, compared 
with £5.57m, on sales little 
changed at £773fin. 

As in the first half, when 
profits came to only £511300, 
the special steels activities 
were hit by the UK recession. 
Steels suffered a loss of £03Bm 
for the year, compared with 
profits of £L3m previously. 

Packaging machinery and 
processing machinery lifted 
their contributions to £33m 
(£234m) and £L58m (£136m) 

Net interest paid rose to 
£774,000 (£123,000). Earnings 
declined to 6.7p (9.7p). The 
final dividend of 435p makes 
an unchanged 732p total. 

FKI profit 
falls 24% 
but sales 
picking up 

By Peggy HoIRtigef 

A LONG-awaited business 
strategy was revealed yester¬ 
day at FKI as the electrical 
engineering company revealed 
that recession in North Amer¬ 
ica and the UK had sliced 24 
per cent off pre-tax profits. 

The pre-tax return fell from 
£402m to £303m in the year 
to March 31, on sales 5 per 
cent down at £739 .Im. About 
87 per cent of FKTs business Is 
In the UK and North America. 

Mr Bob Beeston. the former 
BTR executive brought In to 
revive FKI as group managing, 
director, said the company 
would boost margins through 
price increases and cost-cut¬ 
ting, rather than chase vol¬ 
ume. The aim was to get a 10 
per cent return cm sales, com¬ 
pared with a current 4 per 

Mr Whalley was bullish 
about the group’s prospects. 
He said there were signs that 
the US economy - which rep¬ 
resents about 40 per cent of 
FKI profits - was beginning 
to pick up. 

Order Intake in four of tbe 
group’s five businesses - the 
exception being process con¬ 
trol - was between 15 and 30 
per cent ahead in the first two 
months of the c ur re nt year. 

The final dividend is held at 
l.3p. Added to the halved 
interim the total was 2.3p 
(33p). Earnings per share fell 
from 6.71p to 4J38P. 


The addition of Mr Beeston 
and his BTR cohorts has done 
much to restore faith in this 
company. The revival of the 
US economy promises good 
rewards, with the hardware 
business sitting at the front 
end of the cycle, while Presi¬ 
dent Bush’s negotiations with 
the Japanese are already bene- 
fitting the transplant business. 
The cost-cutting programme 
should bring some £5m in 
savings next year, and help 
eliminate loss-makers. Fore¬ 
casts are between £36m and 
£40m, which on yesterday's 
price of 77p leaves a p/e of 11 
to 13 times. That looks pretty 
cheap considering the sector 
average of more than 14 times. I 

Shanks & McEwan pleases 
City with 30% rise to £31.1m 

By Richard Gouriay 

waste management company, 
yesterday reported a 30 per 
cent Increase in profits, after a 
fell year’s contribution from 
Rechem, the hazardous waste 
company it acquired last year. 

The final months of the year 
were, however, severely hit by 
recession with volumes of the 
highest margin wastes particu¬ 
larly affected. 

The Jump in pre-tax profits 
from £2&9m to £31.1m cm sales 
24 per cent higher at £I453m 
nevertheless pleased the mar¬ 
ket, which had been anticipat¬ 
ing a poorer performance, and 
the shares rose 9p to 207p. 

Raming n per share fell from 
132p to lL9p and the the final 
dividend is maintained at 
3.44p, giving a total of 5.7p, up 
3.6 per cent on the year. 

Mr Peter Runclman, chair¬ 
man, said that while profit 
margins had been eroded the 
longer-term prospects were 
“extremely encouraging.” 

Total tonnage handled in the 
waste division rose by 2 per 
cent but marg ins were eroded 
and its profits contribution fell 
from £12.65m to £1235m. 

The environmental services 
division, which includes 
Rechem, increased tonnage 
handled by 13 per cent but pro¬ 
cessing cost rises were not 
fully recovered and profits rose 
only 10 per cent to £934m. 

The technical services, or 
waste treatment division, 
increased sales by 18 per cent 
but profits were only margin¬ 
ally up at £359m. 

The construction division 
increased Its contribution from 
£L72m to £237m. 

There was also a £3.8m mw 
off increase in debt from the 
Inland Revenue's request for 
corporation tax payments to be 


Shanks & McEwan used to be 
seen as the Rolls-Royce of a 
racy Industry with equally 
racy ratings. Then last year 

the sector lost some of its glis¬ 
ter, not because its green cre¬ 
dentials faded, but because the 
markets belatedly realised 
waste volumes and profits 
were not recession proof. Nev¬ 
ertheless, longer term Shanks 
is a company that will reap tbe 
benefit of increasingly strin¬ 
gent environmental legislation. 
While the waste treatment 
division could still do with 
some bolstering, its landfill 
sites have relatively exclusive 
market positions and the 
Rechem acquisition haB 
brought a vital presence in 
hazardous waste. But growth 
will only resume rapidly once 
the economy begins to move 
again. Shanks’s costs are 
largely fixed and there is there¬ 
fore little prospect ot further 
cost cutting to boost earnings 
dramatically this year. Pre-tax 
profits are forecast not much 
higher than Mila year’s £3Llm, 
giving about 12 p of earnings 
again, and puts Shanks, in the 
absence of recovery, on a cor¬ 
rectly priced 173 multiple. 

Chloride falls sharply to £0.59m 

By Pater Pearse 

Chairman of Chloride, stud yes¬ 
terday that the batteries and 
electronics company was now 
“off the defensive”, as it 
reported a sharp fall in pre-tax 
profits from £5L05m to £588300 
for the year to March 3L 

The world recession hit all 
the group’s mam markets, par¬ 
ticularly in uninterruptible 
power supplies and emergency 
lighting, which depend cm the 
computer and construction 
industries respectively. 

He added that exchange 
rates hit the results hard, 
because of currency deprecia¬ 
tions in TaniWa , Zimbabwe and 
Kenya. At last year’s rates pre¬ 
tax profits would have been 

On the slimmed down group, 
he said: “Chloride can now 
stop playing like the English 
football team and can try to 
play Hke Sweden in the second 
half, " he said. With the pro¬ 
posed sale of the sodium sul¬ 
phur battery development and 
commercialisation side, the 
restructuring of the group will 

be completed, he said. He 
expected to be able to 
announce the disposal within 

In March 1991, Chloride sold 
most of its former core bat¬ 
teries business to Hawker Sld- 
deley, the engineering group, 
for £43.5m, because it was 
“heading for the fourth divi¬ 
sion - not in performance, but 
in size". The rump of the bah 
teries side - in Africa - was 

Mr Horrocks said that 
although margin had been sac¬ 
rificed, the group was now 
cash-generative from trading, 
though “the joker is demand". 

He also said that the board 
was settled - Mr Keith Hodg- 
kinson joined Chloride from 
GEC in December and in 
March Mr Horrocks ceded the 
chief executive rote to him. 

Turnover on continuing 
operations fell to £110.1m 
(£115.9m). On a llke-for-like 
basis, turnover in electronics 
was £79.7m (£82.6m) aid losses 
grew to £222m (£134m); bat¬ 
teries were brighter - turn¬ 
over was £30.4m (£33.3m) 
and profits £4.25m (£2.46m). 

Therefore before interest con¬ 
tinuing operations saw a 
growth in profits to £2.04m 

After a 400 per cent tax 
charge (because Chloride 
earned most of its pro fit s in 
countries where tax loss bene¬ 
fits are not available) and 
extraordinary charges of £4-4m, 
relating to lUa pruawi* awri clo¬ 
sures, the retained losses 
totalled £4.4m (profits £7.38m). 
Losses per share were 12p 


Chloride looked Hke ft might 
dribble away, but a sea change 
has been engineered. Dispos¬ 
als, plant consolidation and 
reduction in staff by 392 peo¬ 
ple, or 10 per emit, were the 
tools. Cash generation is tbe 
short-term aim. through 
organic growth, new products 
and aggressive marketing. 
When profits recover on both 
rides of tbe Atlantic, there are 
tax losses of ciim in the UK 
and of £12m in the US waiting 
to be of benefit Forecast prof¬ 
its for 1993 are about £4m ris¬ 
ing to £7 2m in 1994. 

Severn Trent 

Preliminary Results 

For the year ended 31 March 1992 

“We have achieved the highest investment 
programme in the industry.... the lowest 
average charge for water and.... again been 
the most profitable of the ten privatised 
water and sewerage companies” 

John Beliak, Chairman. 18 June 1992 

Secure water resources 

Highest profit, highest investment, lowest water charge 

Waste management and other non-regulated business 
developing well 



The 1992 results are unaudited. A copy of the Annual Report and 

may be obtained from: The Director of Corporate Communications, 
pic, 2297 Coventry Road, Birmingham B26 3P 



















u . , SevemTtent 



Severn Trent heads 
the field with £265m 

By Angus Foster 

Birmingham-based water and 
sewage company, yesterday 
announced the biggest profits 
so far for the privatised water 

But the company admitted 
Biffa, the waste management 
arm acquired last year, would 
not earn enough to cover its 
interest charges until next 
year at the earliest. Severn 
Trent's shares fell 7p to 375p. 

The company reported a 6.4 
per cent increase in pre-tax 
profits to £265m in the year to 
March 31. up from £249m. The 
Increase came from average 
price rises of 15.2 per cent, held 
back by falling interest income 
as the company invested in 
unproved water and sewage 

Turnover increased to £822m 
(£627m), helped by price rises 
and an 11-month contribution 
Erom Biffa and other non-regu- 
Lated businesses. 

Biffa. made annualised oper¬ 
ating profits of £12.5m. com¬ 
pared to the £25m interest bill 
on its £ 212 m acquisition price- 
tag. Mr John Beliak, chairman, 
said Biffa would continue to 
dilute earnings this year 
because of the recession. But 
he expressed “no regrets” 
about the purchase. 

Operating profits increased 
32 per cent to £261m (£197m). 
But interest income fell 
sharply from £51.5m to £43m. 
Capital expenditure increased 
48 j 5 per cent to £585m. 

The company went from net 
cash of £229m to net borrow¬ 
ings Of £170xn during the year, 
creating gearing of 9 per cent 
Mr B eliak said capital spend¬ 
ing has now peaked. 

Earnings increased 5.7 per 
cent to 683p (64.5P). The com¬ 
pany is recommending a final 
dividend of I2.9p (li.7p) for a 
19-3p (17.55P) total 

At the interim stage, Severn 
Trent announced a L5 per cent 
increase in pre-tax profits to 
£137m (£135m) on turnover 26 
per cent higher at £395m 

Debtors increased nearly 50 
per cent to £ 157.5m (£108^m). 
About half the increase was 
due to acquisitions while some 
customers showed a growing 
reluctance to pay. 

Staff numbers increased by 
300 to 7,400. At Biffa, where the 
emphasis was towards higher 
margin business, staff totals 
fell 180 to L.836. 

• Three other water compa¬ 
nies also reported increases 

Pre-tax profits at Essex Water 
for the 12 months to end-March 
were £18J2m against £l5.7m for 

the previous 15 months. Turn¬ 
over was £61.7m compared 
with SB&Sm. The comparison 
are not meaningful because of 
the change of year-end. 

The final dividend is 34^p 
making a total of 7£L9p, pay¬ 
able from earnings per share of 
2 Q2p. The total dividend and 
earnings for the previous 15 
months were 7B.83p and 163p 

Suffolk Water turned in pre¬ 
tax profits of £t 2 m from turn¬ 
over of £14£m. Again there are 
no meaningful comparisons 
because of the change of year- 
end. Profits tor the previous 15 
months were £4m Erom turn¬ 
over of £l6.3m. 

reaming s per share came out 
at 79p and the final dividend is 
2L5p for a 45.1p total Earnings 
for the previous 15-month 
period were T 2 p and the total 
dividend was 37A5p. 

While Brockhamptou Hold¬ 
ings, parent company of Ports¬ 
mouth Water, reported a pre¬ 
tax profit of £2.85m from turn¬ 
over of £22m in the year to 

This compares with profits of 
£2.79m from turnover of £19,7m 
last time. Earnings per share 
Increased by 22.7 per cent to 
21 Jp and a final dividend of 
3£p makes a total tor the year 
of 435p. 

See Lex 

Photoprocess cuts LIG profit 

By Andrew Bolgdr 

A DROP in photoprocessing 
results caused London Interna¬ 
tional Group, the consumer 
products and services company 
which makes Durex condoms 
in the UK, to report a dip in 
pre-tax profits from £17.4m to 
£165m in the year to March 31 

LIG said these res alts 
reflected a good operating per¬ 
formance in health and per¬ 
sonal products but a worse 
than anticipated downturn in 
photoprocessing services as a 
result of the continuing reces¬ 

Overall turnover rose by 7 A 
per cent to £398.1m (£389Jm). 
The group took £22.5m of 
restructuring costs above the 
line, in line with the new 
accountancy draft standard. 
The restated comparable excep¬ 
tional figure tor the previous 
year was £2L9m. 

LIG’s photoprocessing divi¬ 
sion saw operating profits drop 

by more than half to £5.9m 
(£ 12 .5m) on marginally 
increased turnover of £119.5m 
(£117.3m). Colour Care contin¬ 
ued to gain market share, but 
sales were cut by the recession 
and profits were substantially 

ColourCare had seen some 
some volume pick-up since the 
year-rad, but there was little 
sign that the photoprocessing 
market was improving. 

Traditionally, 60 per cent of 
photoprocessing volume is in 
the first half, with almost 40 
per cent concentrated in July, 
August and September, so LIG 
said It was too early to make 
any comment on photoprocess¬ 
ing performance for the year. 

- Health and personal prod¬ 
ucts saw operating profits 
increase by 15.4 per cent to 
£42.7 m (£37m) on turnover of 
£278.6m (£247.7m). Up by 125 
per cent 

LIG said the condom busi¬ 
ness worldwide continued to 

grow at an average annual rate 
of 2 to 3 per cent, and overall 
the group’s brands gained mar¬ 
ket share. 

As planned, Blogel surgeons' 
gloves came into operating 
profit in North America and 
continental Europe. In the US, 
Biogel had achieved more than 
15 per cent of its target market 
against 6 per cent last year. 
Throughout the UK and conti¬ 
nental Europe. Biogel contin¬ 
ued to increase its market 

Following last year's 
announcement, all primary 
manufacture of surgeons' 
gloves had been transferred to 
the group's new factory in Mal¬ 
aysia. Closure of . the UK plant 
with the loss of 650 lobs, i 
accounted for £13.4ra of the 
exceptional item. 

On the restated basis, earn¬ 
ings per share fell to 6.34p 
(6-86p), but the final dividend 
was held at 635p, giving a total 
for the year of 9.45p (9.25p). 

John Beliak: no regrets about the purchase of Biffa 

Learmonth & Burchett in 
the black with £0.3m 

By Alan Cana 

LEARMONTH & Burchett 
Management Systems (LBMS). 
a computing services company 
quoted on the GSM and special¬ 
ising in computer aided 
systems engineering (CASE), 
returned to profit for the year 
ended April 30 1992 after a 
disastrous. 1990-91. 

It made pre-tax profits of 
£303,000 compared with, losses 
of £l.7m the year before. Turn¬ 
over was up 10 per cent at 
£21.4m (£l95m) and earnings 
per share worked out at 
0.7p, compared with 10.5p 

. No dividend is being recom¬ 
mended. Mr Rainer Burchett, 
LBMS chairman, said that the 
company still had £L8m of bor¬ 
rowings and that it was prema¬ 
ture to talk of paying a divi¬ 
dend in 1992 although it could 
be possible next year. 

LBMS, established in 1977, is 

one of the oldest companies in 
the CASE area. CASE involves 
methods and software technol¬ 
ogies which make it simpler 
and more efficient to write 
computer programmes. 

LBMS had a sound business 
record until two years ago 
when a combination of heavy 
spending on research and ( 
development, acquisitions that 
proved difficult to digest, 
increased competition and the i 
recession resulted in a sharp 
decline into loss. 

Mr Burchett said that the 
investment in research and 
development had resulted re¬ 
new CASE software which had 
. been well received in the mar- 
• ket place. In addition cost cut¬ 
ting and restructuring coupled 
with improved sales and mar¬ 
keting had resulted in a sub¬ 
stantial improvement 
The company has a blue chip 
list of clients and has expanded 
into the US and Australia. 

BTR sells 
cables stake 
to partner 
for £37m 

By Peggy Holllnger 

BTR yesterday sold its stake 
in a joint venture cables busi¬ 
ness acquired through the 
takeover of Hawker Siddeley, 
to partner Delta for £37m 

Delta said the purchase of 
the outstanding 36 per cent 
minority stake was the ‘•post¬ 
script” to the merger in 1988 
of the two companies' cable 

“We have acquired the 
whole of Hawker's cable busi¬ 
ness, without having to pay a 
premium for it," said. Ms Alex¬ 
andra Bockenhull of Delta. 
The purchase would push Del¬ 
ta’s gearing - which was 13 
per cent at the end of 1991 - 
up slightly. 

Pre-tax profit attributable to 
the minority stake in Delta 
Crompton Cables last year was 
£2.7m, Ms Hockenhull said. 
The net asset value of the 
minority stake is £34.2m. 

For BTR, the £37m should 
help to cut the group's 
weighty debt, which last 
month was reported to repre¬ 
sent about 90 per cent of 
shareholders* funds. Every 
£25m is estimated to reduce 
gearing by 1 percentage point 

The sale was sparked by 
BTR's £L55bn acquisition of 
Hawker Siddeley, the UK engi¬ 
neering group, last year. Delta 
had first option on the Hawker 
stake In the case of a takeover. 
An independent valuation set 
the selling price. 

Delta Crompton Cables was 
subjected to a wide-ranging 
restructuring following the 
merger, including closing 
three of the nine cable site. 
“We will now derive 100 per 
cent of the rationalisation,” 
said Ms HockenhuH. 

Delta Crompton Cables 
makes energy, communication 
and high performance cables 
for the industrial and regu¬ 
lated electricity markets. 

Oceana Investment 
net assets rise 

Oceana Investment Corp¬ 
oration reported net asset 
value ahead at362.9p at March 
31 against 317.4p a year ear¬ 

Oceana lost its listing in 
September following the fail¬ 
ure of its bid for Etam. 

The total dividend is 
unchanged at lip. 

Dawson surprises 
with 15% rise but 
cautious on upturn 

By Angus Foster 

the Edinburgh-based textile 
and clothing group, yesterday 
announced results which were 
slightly better than expected 
and said order hooks were 
higher than a year 

But the company, which had 
seen profits decline every year 
since 1988, remained cautious 
about an economic upturn in 
its main UK and US markets. 
“Recovery will come but it will 
be slow and very hesitant," 
said Mr Ronald Miller, chair¬ 

Dawson reported a 15 per 
cent increase in pre-tax profits 
from £26Jm to £30.1m in the 
year to March 28. The increase 
was helped by £Um of cur¬ 
rency gains on the dollar, a 
£700,000 exceptional profit on 
as insurance claim and a lower 
interest charge. 

Turnover increased 6.6 per 
cent to £415m (£389.3m), helped 
by £12.7m of currency gains. 
Pringle of Scotland increased 
volumes 14 per cent although 
Ballantyne Cashmere saw a 16 
percent decline. 

At the interim stage Dawson 
reported a 6 per cent foil in 
profits to n&2mon turnover of 
£217m (£2l4m). Mr Miller said 
the second half improvement 
was helped by a recovery in 
cashmere fibre and yarn 
sales and stabilised cashmere 

In the US, a mild winter 
affected sales of JE Morgan's 
thermal underwear and vol¬ 
umes declined 6 per cent 

although the company said 
market share improved. 

Interest charges fell to 
£5.54m (£6.85m) due to reduced 
working capital cash genera¬ 
tion of £27.9m and falling US 
interest rates. 

Capital expenditure fell from 
£152m to £94$m while depreci¬ 
ation increased to £l2.4m 
(£112m). Net borrowings at the 
end of the period were halved 
at £23-9m, against £5l.7m. 
giving gearing of 13.4 per 
cent, compared with 29.6 per 

Earnings per share advanced 
7.5 per cent to lL4p (I0.6p). The 
company is recommending an 
unchanged final dividend of 
7.lp to make a maintained 
total of 9p. 


After three years of decline, 
can Dawson’s long-suffering 
shareholders finally look for¬ 
ward to some growth? Judging 
by yesterday’s 5p rise in the 
share price to 2i9p, against a 
falling market, the answer is 
yes. Analysts were not only 
surprised by the profits, admit¬ 
tedly against last year's ■ 
depressed results, but also by 
the sharp fall in gearing, sug¬ 
gesting costs and working capi¬ 
tal are well set for recovery. 
But profit forecasts for this 
year of £33m put the shares on 
more than 17 times. Although 
acceptable, the rating suggests 
the market is already factoring 
in rises in consumer confi¬ 
dence and confirmed autumn 
orders which, as the company 
warned, are by no means in 
the bag. 




Dale of., 

Correa - 







Bradstock —_-int 


Sept 29 




Brodchampton Hdg Jin 





Davenport Vernon.—Int 


Aug 3 


- • 


Dawson __fin 


Aug 28 




Essex Water_fin 






FKJ . _ _fin 


Sept 21 


Z2 ■ 


GO _ f In 


Aug 10 


7,3 2 


Goldsmiths ———fin 


Sept 1 . 




London Int! ......_—fin 


Oct 1 




Lookers —__—Int 


Sept 30 





Oct 5 




Portsmouth Sund —.fin 


Aug 3 




Severn Trent -—-flu 


- Oct 1 

- 11.7 . 



Shanks & McEwan -fin 


July 30 




Sliding __fin 


Oct 2 




Suffolk Water_fin 






Dividends shown pence per share net except where otherwise stated. 
tOn increased capital. §USM stock. *For 15 months. 

SFO talks to Jersey police 
about Richmond Oil 

By Peggy Hollinger 

THE SERIOUS Fraud Office, 
the London Stock Exchange 
and Jersey police met last 
week to discuss possible irreg¬ 
ularities in share dealings of 
Richmond Oil and Gas, the 
beleaguered natural resource 
company which recently 
announced that creditors had 
foreclosed on its main remain¬ 
ing asset 

Officials of the two UK regu¬ 
latory organisations were 
briefed in Jersey by local 
authorities, who raided a local 
accountancy firm under the 
island’s Investigation of fraud 
Jersey law 1991". 

The SFO is conducting a pre¬ 
liminary investigation into 
whether a full-scale inquiry 
will he necessary. 

The discovery was made 
when the Jersey fraud office 
raided the premises of Bryant 
and Co in April, following a 
complaint by one of its clients 
that he could not recover 
£150,000 given to the 
company for investment 

The office appeared to be 
deserted, with dead cigarettes 
lying In ash trays and jumpers 
flung across the backs of 
chairs. However, police col¬ 
lected thousands of files from 
the premises which have been 
passed to UK accountants. 

Price Waterhouse, for 

The exact current trading 
status of Bryant and Co is 
uncertain, local officials said. 

Detective Inspector Peter 
Hopper of the Jersey police 
declined to comment in general 
terms, but stated that if irregu¬ 
larities were found they would 
be referred to the regulatory 

Also present in Jersey last 
week on a separate matter was 
Mr Herb Dentsch of the New 
York law firm, Deutsch and 
Frey. The firm is representing 
Butte Mining - under new 
management since last year - 
in litigation against more than 
100 defendants, including Bry¬ 
ant and Co. The case alleges 
fraud and misrepresentation 
by former directors, executives 
and advisers. 

Mr David Wilkinson, joint 
managing director of Rich¬ 
mond, said he had no know¬ 
ledge of any irregular share 
dealing in Richmond Oil’s flo¬ 
tation. The company's £2im 
flotation at 105p in July 1989 
flopped amid concerns over the 
valuation of assets against 
original purchase price. How¬ 
ever, in October the share 
price had begun a steady climb 
from 63p to 163p by February 
1990. The shares, which were 
7p last night hit a high ot I73p 
in the summer of 1990. , 

Buy-out team plan changes to a vegetarian menu 

Peter Pearse on Cranks’ move away from the small, brown rock school of wholefood cooking 



The Kxnehi Stock Exchange's Market Information Display 
Network (KSE-MIDNET) has been linked with IntaiMHioaal Invent** through 
Renters Business Wire Service from June 1,1992. 

Karachi Stock Exchange ifaare* quotation for 309 active companies 
are now available at more than 200,000 terminals finked with Reuters in 132 

The Exchange already nataihs in In-bouse Computer Network 
that displays die Exchange's ready board mforntatlon within fcspreaMe*. 

Rcutta has aQoied 26 pages of io«en display to the Exchange, hi 
ihe eqiary service. The Era page diiptayi a directory covering vaboos sectors, 
wtndi is followed by compraywiac hafamMtiou. 1710 pntvioat day's dol ing 
files and carat prices oa the floor of the Exchange at toy moment of tons 
during trading boars are imuraHy displayed nseraariooally. 

For further details pUoro contact: 

Karachi Slock Exchange {Guarantee) HpJH, 

Stock Exchange Building, Stock Exchmge Road, 

Off; IX ChnndrigarRoad Karacbi-74000. Psktoun. 

Telephone: 2413SS2J541914^2425502-3-4 
Fax:92-21-241Q825 Telex: 2746 KAS3X PK 
Cable: "KARSTOCK" 

E veryone loves a 

bargain and at the 
moment receivers 
across the land have plenty. 
Does Cranks, the vegetarian 
restaurant chain recently pur¬ 
chased by a management 
buy-out, come into that cate¬ 

The MBO, put together by 
Piper Trust, the retail consul¬ 
tancy, has bought eight restau¬ 
rant/takeaway outlets and the 
Cranks name - a brand that 
some would say had passed its 
sell-by date, even though the 
healthy eating market is grow¬ 

In many mfnrfc Cranks will 
forever be tarred with a hippy 
brush or stuck with an image 
of sandaled, CND-campaigning 
liberals, proselytising about 
the virtues of bowls of bran 
and the evils of meat-eating. 

Mr Ian Cheshire and Mr 
Christopher Curry, the non- 
vegetarian forces behind the 
buy-out, hope to nail those 
prejudices, saying that vegetar¬ 
ians now come from all walks 
of life and that at some time or 
other everyone chooses non¬ 
meat. unprocessed dishes. 

While anxious to preserve 
the “integrity" of Cranks, they 
are keen to move away from 
“the small, brown rock school 
of wholefood cooking" - 
stodgy grains and wheat - to 
lighter meals using more vege¬ 

Overall they are keen to tap 
into the consumer's general 
trend of eating out more, but 
going for quality. Initially, the 
main changes will be in the 

menu. For example the dough 
will be reformulated so that 
instead of being available only 
in bap form, it can be baked in 
loaves, and can therefore be 

Piper has been sworn to 
silence by Stoy Hayward, the 
receiver, not to reveal the 
financial size of the package it 
put together for Cranks. 

However, Mr Curry, who 
runs Piper Retail Fund, the 
venture side of the MBO. did 
admit that it was “quite a lot 
less" than the £L5m Piper bid 
in 1988 when Guinness, the 
then owner, sold it to Bewley*s 
Cafes and Badger Hale, the 
Irish catering chain and prop¬ 
erty developer. “We're much 
happier to have bought it now 
than then," he says. 

Stoy could have got more for 
the business, he adds, but 
receivers are obliged to dispose 
of loss-makers as quickly as 
possible. In feet, there were 
other contenders, one of which 
placed a higher bid, though 
with “theoretical". money. 
Thanks to its previous bid and 
to its close knowledge of the 
business. Piper already had its 
package sewn up and pipped 
the others. 

The close knowledge comes 
from Mr Curry and Mr Chesh¬ 
ire, his partner from Piper 
Trust While Mr Curry learned 
about Cranks when preparing 
the 1988 bid, Mr Cheshire's 
familiarity is more direct, 
stemming from his time at 
Guinness, when. Cranks was 
part of the drinks group's port¬ 
folio before It reverted to its 





*7» > & ■ 

Non-vegetarian bosses behind the buy-out - Ian Cheshire 
(left), with Christopher Curry 

core businesses in the wake of 
the Distillers episode. 

A child of its time and 
endorsed in the late 1960s by 
The Beatles and other Swing¬ 
ing London luminaries, the 
health food company rode the 
crest of its trendiness in the 
1970s, but began to fall out of 
fashion in the 1980s. 

Financially it was hit by the 
now familiar Litany of 1980s 
scourges - too much debt, 
over-rapid expansion, demand 
reduced by recession and spi¬ 
ralling rent and rates. 

*n its most recent year, 
Clanks’ pre-tax losses were 
£l.4m on sales of about &4.5m. 
The restaurants broke even 

but the company was tipped 
into receivership, on February 
19, by interest costs and losses 
on the wholesale side - which 
serviced such companies as 
P&O, Safeway, Forte (its Wel¬ 
come Break motorway service 
stations), and Loseley. 

You can cherry pick when 
buying front the receiver and 
so the factory in Islington, Lon¬ 
don, which supplied food to all 
the outlets was not bought, 
though Mr Curry and Mr 
Cheshire are keen to continue 
and expand the wholesale side. 
They point to a 1991 survey 
which revealed that 12 per cent 
of the UK population knew the 
Cranks name for its healthy 
eating reputation: in the south¬ 
east the figure jumped to 25 
per cent 

The duo will be forming a 
Joint venture with a third 
party to license or sub-contract 
out the food making process 
and harbour longer-term ambi¬ 
tions to roll out frozen branded 
food products - “tike Bird's 
Eye's vegetable meals”, says 
Mr Cheshire - across the gro¬ 
cery multiples. In the first year 
the emphasis will be on gain¬ 
ing wide distribution for a 
small range; thereafter the 
variety of dishes will be expan¬ 

Another big change will be 
in the way Cranks is managed. 
Mr Cheshire stresses that there 
will be a “change of style - it 
won’t be run from the top 

The Piper Retail venture cap¬ 
ital fund, backed by Standard 
Life and Royal Life, has a stake 


of a little over SO per cent and 
the balance is split equally 
between Piper Trust and the 
middle managers, who previ¬ 
ously worked under Cranks’ 
various owners. 

These managers will he the 
operational team and, apart 
from the incentive of growing 
the company to increase the 
value of their investment, they 
also have the opportunity, in a 
complex arrangement depen¬ 
dent on profits, to raise their 
stake from the low 20s to 30 
per cent over the next five 

The whole project is “mostly 
equity financed with Just a bit 
of debt". 

Mr Curry says that only half 
of Piper's package of "substan¬ 
tially less than £3m” went to 
acquire Cranks: the other half 
is to move the unwanted kitch¬ 
ens in the restaurants, for 
development and expansion of 
the business. 

Franchised restaurants out¬ 
side the south-east - Mr 
Cheshire and Mr Curry envis¬ 
age expanding the chain - will 
be satellites to a Cranks-owned 
outlet Food would be supplied 
at cost to each franchise and 
Cranks would take 5 per cent 
of sales. 

As Body Shop prefers. 
Cranks’ name would be on the 
lease, not the franchisee’s. 

Other changes mil be evolu¬ 
tionary. The woven basket 
lampshades - a particular 
hate of Mr Cheshire - will go, 
but the pine-dominated decor 
will only be changed when the 
money becomes available. 

The FT proposes to publish this survey on 
September 16 1992. 

from its print centres in Tokyo, New York. Frankfurt, Roubaix and 
London. It will be read by senior businessmen and government 
officials in 150 countries world wide. It will also be of particular 
interest to the 130.000 directors and managers in the UK. Who raid 
the weekday FT. If you wish to reach this important audience with 
your services, expertise or products whilst maintaining a high profile in 
connexion with Wales, call 

Clive Radford 

. on 0272 292565 Fax 0272 225974 
Merchant House, 

Wapping Road, 

Bristol BSI 4RU 

Data source- BMRC Survey 1900 

The FT proposes to publish this survey on 
June 25 1992. 

from its print centres in Tokyo, New York, Frankfurt, Roubaix 
and London. It will be read by senior businessmen and 
government officials in 160 countries worldwide. It wifi also be 
of particular interest to the 130,000 directors and managers in 
the U.K. who read the weekday FT.* 

If you want to reach this important audience with your services, 
expertise or products whilst maintaining a high profile in 
connection with Scotland call 

Kenneth Swan 
on 031 220 1199 

or Fax: 031 220 1578 • '. : 

37 George Street, 

Edinburgh £H2 2HN 

Data 30urc£.-* BMRC Businessman Survey 1990 



JOBS: T|ie double set of mufflers that stop senior executives’ eardrums from hearing 

Why big companies are short of new ideas 

/ HO Precisely first coined 
WW.“8 Phrase, no one the 
• ■ • . J P fas polumn has ever met 

could identify. But . whoever it 
was .deserves an honoured place 
in dictionaries of quotations. ■ 

. For, of all the multitudinous 
maxims uttered these past 2^500 
years oh how to-survive in an 
organisational setting, none is 
mpre cogent than the phrase in 
question. It states: Never surprise 
a vice-president? 

While, transatlantic in Idiom - 
it was apparently coined by some¬ 
body in American Telephone and 
Telegraph - - the phrase dearly 
has universal force. Moreover, 
the inadvisability of springing 
surprises applies not only to 
bosses as high as vice-president 
or the equivalent, but to many 
tf not most ranked lower down. 

So in an attempt to convey the 
wider scope of - the message I’ve 
reformulated it in more general 
terms as one of the Laws of 
Organisational Stupidity, calling 
it alter Professor Iain Mangbam 
of Bath University’s management 
school who-introduced me to the 
ori gin al in the 1970s: In the wider 
version, which goes under the 
name Maugham's M uffle r, it says: 
When communicating to superiors, 
new neios is bad' news. 

Shoe first hearing of the rule. 

I've seen it borne out too often 
for its workings to be any longer 
a surprise to me. The eypjanqtfop 
seems to be that aspiring bosses 
have a psychological need not 
only to possess the power to tell 
others what to do, but to fed they 
hold it by natural right Hence 
they tend to believe deep down 
that they are endowed with such 
superior faculties that they are 
sure to learn of anything worth 
knowing before it could ever 
occur to anyone of lesser status. ~ 
. What has surprised me even 
after all these years, however, is 
the strength with which the top¬ 
most rankers defend themselves 
against the possibility of being 
forced to recognise otherwise. 

That revelation comes as a 
result of my discussion two 
weeks ago of the problem senior 
executives’ secretaries pose for 
the growing numbers of displaced 
managers who how have little 
chance of re-employment unless 
they can win the ear of someone 
empowered to hire them. In the 
hope of helping to put unused 
skills back to work, I passed on a 
couple of hints from a consultant 

in New York on how to bypass 
the secretarial gatekeepers. One 
such hint was to dodge round 
their blocking question - What’s 
it about, please? - by misplacing 
the word “not” in your answer. 

To illustrate: if you're out of 
work after a time in Germany 
and aim to persuade some chief 
who’s a total stranger to hire you 
as a representative there, the 
reply to the gatekeeper ought be: 
“We've met before but not for 
some time. I've been working in 
Germany, and there's a business 
opportunity I know he would be 
interested in.” Then, on getting 
through to the chief and being 
asked how you know each other, 
you say: “Sorry? I didn’t say we 
did. What I said was we've not 
met before. But for some time 
I’ve been working in Germany...” 

Readers' responses, often 
vehement as well as extensive, 
have come from several angles. 
For example, half a dozen out¬ 
placement consultants and four 
of the executive-selection variety 
have accused me of advocating 
the seriously dishonest practice 
of approaching employers with 

bogus propositions. That's a bit 
steep. The article a fortnight ago 
expressly stated: “...It is of 
course imperative to have done 
your homework on the target 
company and executive, and the 
idea you’re proposing, as well as 
ensuring that every checkable 
fact you voice is true.” 

in other words, any proposals 
made must be genuine. Even so, 
given the numbers unemployed 
and the barriers in the way of 
their recovery, 1 see no cardinal 
sin in practising mild deception 
to get honest proposals a serious 
bearing. Nor am I alone in doing 
so. In tiie circumstances, even the 
stern philosopher Hobbes would 
have forgiven it. 

On reflection, however. I agree 
that the reproving out-placers are 
right to say that “networking” is 
a more promising as well as less 
deceitful method. It is defined by 
one of them as: “making new con¬ 
tacts via referrals from existing 
contacts and genuinely asking for 
advice and NOT for a job. The 
aim of a network meeting Is refer¬ 
ral to more contacts. Keeping the 
network ‘alive* over a period of 

weeks results in a whole series 
of people you do not now know 
positively thinking of you when 
they might hear of a job." 

Nevertheless my conversion to 
networking is not because of its. 
philosophical merits, but strictly 
on practical grounds. The reason 
lies in the dozen responses from 
readers who actually work in the 
aforesaid gatekeeping capacity. 
For their letters have persuaded 
me that such dodges as I passed 
on just wouldn’t wash with the 
consummate professionals who 
work as senior secretaries. 

Hence my belated realisation 
that the stopping power of senior 
managers’ mufflers is greater 
than I had previously supposed. 
They are equipped with not one, 
but two of them: the classical 
Maugham sort worn by the chiefs 
themselves, and an outlying filter 
represented by their secretaries. 
As one of same typically remarks: 

“I can say with hand on heart 
that no-one will get through to 
my boss on the telephone if they 
wUl not explain to me exactly 
why they wish to speak to him - 
and, only then, provided he tells 

me he wishes to take the calL” 

The only hope of penetrating 
to the chief, several of the gate¬ 
keepers say, is essentially akin 
to networking. In the words of 
the same correspondent, it is 
“waking up to the fact that few 
top executives will take calls 
unless they are very thoroughly 
screened and perceived to be 
mutually constructive, and en¬ 
listing the secretary’s help and 
advice as to how to get their 
message across or who would be 
the right person to speak to about 
their idea/appllcation. At this 
level, the secretary would cer¬ 
tainly be one of the best people to 
have on your side when chasing 
those elusive job openings.” 

To which I can only nod in 
agreement. But that Is not to say 
the better pay-off of networking 
augurs well for the economic 
future. For it is a method that 
clearly best serves folk good at 
favourably impressing influential 
others - which need not be, and 
often isn’t, the same as having 
something productive to offer a 
company. Indeed networking was 
summed up in a maxim long 

any surprises 

before “Never surprise a vice- 
president”: to wit, ft’s not what 
you know, but who you know ” 
Still, that being the case, it 
may help to explain why so many 
big companies at least, have so 
few good new ideas. 

N 3W to a couple of City of 
London jobs being offered by 
separate headhunters. Both 
promise to respect applicants’ 
requests not to be named to their 
client at this stage. 

John Anderson (Deven Ander¬ 
son, 35 Livery St, Birmingham B3 
2BP; tel 021-233 3320. fax -233 1031) 
seeks a managing director for a 
private financial-services group’s 
insurance business, mainly in 
broking. Given selling and team- 
leading skills, candidates could 
be from any branch of insurance. 

Salary around £50,000 plus 
bonus on results, and car. 

Dudley Edmunds (Westmin¬ 
ster Associates Internationa], 1-4 
Warwick St London W1R 5WB; 
tel 071-287 5788, fax -287 9986) 
wants a proven corporate trader 
in derivatives as well as cash and 
FX for an international bank. 
Continental languages a help. 

Salary up to £50,000, plus 
usual City banking perks. 

Michael Dixon 

Major U.S. Bank 

European Fund Manager 

City based 

£50,000 + 

Banking Opportunities 

Gulf States 

Excellent tax free salaries and benefits 

As a well established, successful Middle East Bank our client has developed exciting plans to expand their existing 
national and international presence. Continued investment has led to considerable growth and has now created the 
Following challenging and rewarding roles. 

Oar Client is the S.E.C. registered International Fund Hie portfolios to be managed concentrate on the major 

Man^ganent division of a rapidly expanding major US. 
bank which has a substantial and glowing commitment to 
Europe. Wfe have been asked to help find an outstanding and 

continental markets and a European travel dement will be 
required. Language skills would be a definite advantage and 
the opportunity also exists to visit clients and potential 

professional Fund Manago/Director Designate who will not diems backing the marketing effort in both the US. and 
only lead the European thrust developing the Equity Europe. As the role expands he/she can expea to assist in 
ftirtfolios but also make a substantial contribution to overall recmitingan additional Fund Manager 

investment policy.. The Bank can offer the appropriate rewards and prospects to 

-the. person we seek, win n eces sarily be a graduate people contributing to its success, and in addition to the 
aged3Q/35 with over five year’s experience and AI/rpTAVT negotiable salary there are the usual benefits, 
a track record in this area, who is determined to UV Please reply in the first instance to Keith Fisher 

make progress in his/her careerlrt an expanding ';q Yt t ti t quoting Ref. 1090. Overton Shirley & Baity, 

organisation. The position reports directly to DIllIvLCi I prince Rupert House. 64 Queen Street 

oigtnisation. The position reports directly 
the Managing Direcron 


Prince Rupert House. 64 Queen 
London EC4R1AD. Tfei: 071 -248 0355. 


Banking Operations Treasury 

Manager Operations 

This key position requires a minimum of 6 years Reporting to the Banking Operations Manager the ideal 

experience in a similar role gained within an international candidate will possess in-depth experience of 

Banking environment. Knowledge of credit operations. sophisticated treasury risk management. It is a mandatory 
loan administration, trade finance, letters of credit, letters requirement of this role that applicants are fully 
of guarantee. Nostro reconciliations and credit card conversant with all respects of FX settlements, 

operations is essential 

Both roles require individuals who are capable of taking the responsibility and pressure associated with a fast moving, 
challenging environment. Arabic language capability is a definite plus. 

Please send yonr toll cv and current salary details to Sara Powell, _ _, 

NESTOR INTERNATIONAL LTD. 7-11 Kensington High Street. X K 

London W8 5NP. Tel: 071 938 1721 or 071 938 2151. tmtcdm ATrnM/i r 

Fax,07! 937 4180 INTERNATIONAL 

Interviews will beMd in London RECRUITMENT CONSULTANCY 




Expanding Merchant Bank - Greenfield Opportunities 

Qor client is a rapidly expanding merchant bank, committed to innovation and the employment and retention of quality staff Tbe areas of activity in chule equity, fixed 
income, IDC and derivative products trading, corporate finance and FX. The snrcearihl growth of the company has created foe need to recnrit three key managew. 


From £60,000 

The candidate will he responsible for ensuring 
strong .management and effe c ti v e control over the 
development and settlement of current and new 

Exposure to derivative products, securities and FX, 
experience of implementing banking systems, 
ability to motivate and manage staff and a hands- 
on energetic a ppro a ch will be vital in this key role. 


From £50,000 

The candidate will be responsible for the 
management of all cash positions, liquidity and 
short term interest rate risk, and forward foreign 

PV flw iip^. 

This role requires at least five years’ experience in 
money market and off-balance sheet instruments 
and an affinity for proprietary tradings 



From £75,000 

The candidate wifi be responsible for establishing a 
new department aimed at sourcing, analysing and 
di s t ri b u t in g assets (either straight or securitised 
loans) and for taking pro p r i et ar y positiuus/arbitrage. 

A strong a war eness of foe credit i m plications and 
prior experience of asset trading is a prerequisite, 
as is foe ability to control and develop a separate 
profit centre. 

Interested candidates should % write to Stme Mwnmi (Operations), Nick Bennett (Money Markets), Andrew Stewart (Capital Markets) at BBM Associates Ltd (Consultants m 
Recruitment) at 76 Wading Street, London EC4M 9BJ. Alternatively use our confidential fax line on 071-248 2814. All applications will be treated m the strictest confidence. 

76, Wading Street, London EC4M 9BJ 


Tel: 071-248 3653 Fax: 071-248 2814 

9 uVi M i wen * J fcVfcWW i MCI M om 1 # 

Jan Henderson Associates 
limited is an independent 
investment management 
comp any, based in Exeter, 
which has established 
itself as a specialist in 
managing portfolios of 
investment trust shares. 
Due to the Company's 
rapid expansion, we are 
now seeking a Portfolio 
Manager, preferably with 
experience of the 
investment trust sector. 

Ian Henderson Associates 
has management contracts 
covering a total of over 
£200 millioiv including the 
five unit trusts run by 
Exeter Fund Managers 
Limited, a subsidiary 
company, and three 
quoted investment trust 

Interviews will be arranged in either Exeter or London. 

Candidates should have 
at least three years of 
investment management 
experience and be willing 
to assist in the marketing 
of the Group's products. 
A competitive salary will 
be offered and other 
benefits will include 
pension and life assurance 
and a company car. 

Please apply in writing, 
with a full CV to:- 

IJ S Henderson Esq. 
Ian Henderson 
Associates Limited 
23 Cathedral Yard 

Chief Economist 

Leading Irish Financial Service Company 

SAttractive package Dubli 

Our client is one of Ireland's leading 
financial service companies, involved in 
domestic and international capital 
markets. Research driven, they wish to 
make this senior appointment at their 
Dublin Head Office. 

This important position will be of 
interest to Economists with several 
years' experience, preferably in the 
financial services sector or a related 
area: Good written and oral presentation 
skills are essential and you should be 
able to adapt to a dynamic financial 


The role also calls for an 
in-depth knowledge of macroeconomics, 
monetary economics and the 
international bond markets. 

An attractive salary and benefits 
package is offered, commensurate with a 
leading financial firm. 

Please write with full details. These 
will be forwarded direct to our client. 
List separately any companies to whom 
your details should not be senL Ben 
Wheeler, Ref. BW351, MSL Advertising, 
Recruitment Resources, 32 Aybrook 
Street, London WIM 3JL 




CSFR Investment Management is a 
market leader in institutional fond 
management with a strong track 
record, prestigious client base, 
worldwide coverage and a stable 
team of experienced professionals. 
In order to maintain the company’s 
solid growth record we are -looking 
far two professionals to complement 
foe team in the following areas: 



Senior Marketing work effectively within a loosely 

__ , . structured team of highly motivated 

Professional people, and be aged 3 * 40 . 

Educated to at least degree level, you _ ._. _ , 

will have a proven track record Jn Inves tmen t trailer 

developing and closinginsUtutional Wlth Q 2 years experience 

«?snS5J5S5S- sefSSZS"- 


SjuS domestic products, such as managers in London. You *01 be 

LUegs-bacMandW^d SS^^^SSlL 

(3) Equities, convertibles and and foreign exchange markets 

derivatives. together with their derivatives. 

You should be able to structure and providing the investment managers 

deliver these products at the highest with timely market information 

levels. Written and spoken fluency in ' through close contacts with the 

German is essential. One other major bond houses. The ability to use 

continental language would be analytical computer software would 

desirable. You should also be able to be a distinct advantage. 

Bath positions are based in London, and hold considerable promise in 
terms of remuneration and career development, dependent upon foe high 
level of performance that we are expecting. 

Please send your CV to Manfred J. Adami. Managing Director, or 
fames Noble, Director, CSFB Investment Management Limited, 

2 a Great Titchfield Street, London WlP 7AA. Tel: 071-322 3067. 

FRIDAY JUNE 19 1992 

Team Leader 

Specialist Energy Team 
Investment Banking Division 

One of the leading UK merchant banks, Schroders is looking for an ambitious 
team leader!o join the Specialist Eneigy Team within its Investment Banking 
Division. The Energy Team provides financial advice to a large range of 
national and international oil and gas companies, and is the market leader m 
its field. ' 

As a Team Leader your responsibilities wiH range from managing financial 
and technical analysis of energy sector companies to the generation and 
implementation of innovative deals for clients and prospective clients and 
maintaining dose woridng relationships essential for effective client support 

The successful candidate will have between 5—10 years experience within a 
UKGS upstream ofl and gas company, be a top-flight graduate who is highly 
numerate and have already demonstrated outstanding achievement. 
Candidates will ideally have experience of valuations and acquisitions of 
companies and assets In the Energy Sector. The candidate will also be highly 
motivated to achieve in the competitive merchant banking environment 

The total compensation package comprises a competitive salary and an 
attractive range of banking benefits. Opportunities to progress within the 
Investment Banking Division, and the Schroder Group generally, are 

Please send your appfications, with full CV, to Pauline Luttrell, Personnel 
Manager, J. Henry Schroder Wagg & Co Limited, 120 Cheapside, London 
EC2V 60S by 20th June 1992. 

Ill Schroders 

Outstanding opportunities for creative, determined 
and ambitious bankers. 

Attractive Packages inc. Bonus & Bank Benefits London 

Standard Chartered has developed a highly focused strategy and culture based on the provision of international banking 
services to support cross-border trade and investment flows. 

The emphasis is on providing the highest standards of service over a wide range of commercial and merchant banking 
produces. The Bank is especially strong in the Asia-Pacific region, as well as Africa and the Middle East, and capitalises on 
the strength of its international branch network and unrivalled local knowledge. 

There is an immediate need for very bright banking team leaders and relationship managers to take pan in one of the 
most exciting initiatives in international banking. The task is to manage and develop portfolios of medium-size corporate 
accounts and market a wide range of products. 

Team Leaders 
Relationship Managers 

Ref L2401 
Ref 12402 

The Bank seeks talented individuals, aged 28-40, with outstanding selling skills and sound credit training. A proven track 
record in successfully managing international banking relationships is essential. Preference will be given to candidates 
whose experience includes Asia-Pacific, Africa and die Middle East. Superior product knowledge and client handling skills 
'are vital. Candidates must be proactive, energetic, tenacious team players. 

Please write, enclosing full cv, quoting reference L2401 or L2402 to 
54 Jermyn Street, London SW1Y 6 LX 

NB SELECTION I2D - aNomimBroiKa ^eT Mh^iMTjatiooria seoda iedoo ro pany 
U0NDCN 0714936992 • MANCHESTER * 0625 539953 • SU3UGH0753 M92Z7 • aBSKX.0272291142 

t-> .':/» -'tw- 

Gerente General de S 

N.. Paul (Lspana 


Secle Madrid 

St- Paol (UK) es um emprcsa de seguros El soUdtance a 

primaries dedkadaa satisfacer las oecesidades dd ser preferiHetnent* 

merado espedalisci. Gracias a kw eafuerzos experto en d traco 

reatbsadm -eu realzarlas rdadoracs cntue dkntes y experienda del me 

Megnador mds alii delotradkaonal jren importanda igual; 

introdudr un mayor grado de gestkin de calidad y de seguras. La pen 

deptoteedda contra riesgos en nueam* prodnecos, pexspkaz en mater 

gezamos de un perfbdo de gan into. gran fadlidad en io 

Nuestros planes de expansion interaadonal U ambiddn y clai* 

nos-han Ileeado a la adquiskidn de una pequefia fbmentarel negocH 

e«|ttOMeaEspafiaoon4ofidnasyuaandminade Ala persona a< 

A. 40 qapleadoB S»»< mUieadnn«s lemuneraddn gem 

coUidstir&enadimQisCiacyexpandirelDegDdode condidones locale* 

c oB fot aridad coa h cultura de Sc. Paul, introdu- co mpr endera un a 

ciendo las Ifiieascomereiales existences ydesar- benefidos a nivd d 

zo&aaduouevwproductns.Ibrluianto.suJtaxeas auaxn&viL 

a baa ati n todos las aspectos de hs 

operadones diarias, inclusive el control s 

finanoicro, wentas y marketing tmp4e- « 
mentadda de aastemas y admfaiiaaa- S 
d 6 ndek» vecunoshumanos. b &s*- 

Something out of the ordinary 

El soUdtance a qui£n se ofitexca d cargo deberf 
ser prefcrSbtementc de nadonalidad espafiola, 
experto en el tzatn de personal y disfrutnr de 
experienda del mercado espanol. Se ooncederi 
importanda igual a b experienda en los negodos 
de seguros. La persona en cuestii 6 a ddbe ser 
perspicaz en materia de plamficackki, disponer de 
gran fadlidad en Jos cdlcuio® aritm&icas y gozar de 
la ambiddn y darividenda necesarias para 
fbmentarel negodo. 

A b persona adccuadaal cargo ofrecemos 
remuneraddn genenm de acuetdo con bs 
condicknes locales. La rerauneraddn 
com pr endera un suefdo muy competitivo y 7 ^ 
benefidos a nivel de ejecutivo, inclusive un ' 1 


Sfrvase roandar su soBdtud 
aThe Rasonael Controller, 

St. Paul Management Ltd., 

27 Camperdown Street, 

Loaches El 8DS. 

The L|EK Partnership 

Corporate Strategy Consultants 

The LEK Partnership is a leading firm of strategy consultants. We work primarily for Charm en and Chief Executives on 
issues of competitive strategy, corporate restructuring, and in the merger and acquisition field. Our cBents are major 
corporations, Including household names in the field of financial services, natural resources, consumer products and high 
technology. In order to sustain growth and meet the demand for our services, ere are looking for a number of highly 
motivated ihdfvfduab to join us at bath the ConsuRant and Associate leveL 


Ideally you will be In your late 20's or early 3ffs, have an 
outstanding academic record tnduding probably, though 
not necessarily, an MBA or equivalent from a leading 
U.S. or European business school, and significant 
business experience with a record of achievement 

Successful candidates will have tire intellectual calibre to 
develop strategies in complex industries and the personal 
stature to present these strategies to senior executives. 
Initiative and leadership potential are essential. 


You win be a graduate, aged between 22-26, with 1-2 
years' business experience. In addition to an excellent 
academic record, you will have good quantitative and 
communication skills. Languages are useful but not 

*T 'y'>rs • f? r 

As members of small teams of highly motivated 
professionals. Associates assist in the process of 
research and analysis, leading to the formulation of 
effective strategies tor ourefients. 

Tba .position Is particularly^attractive to applicants 
planning to go to business school in 23 years'time. 

. We wish to attract candidates of the highest calibre and this is reflected in very competitive remuneration packages. 

Please send applications tor 
(Application deadline: July 15} 

Sheila North, Recruiting Administrator (Ref. FT-C/A) . 
The LEK Partnership 
The Adelphi Building 

1-11 John Adam Street, London WC2N6BW 

London - Munich - Paris - Stockholm - Helsinki - Oslo - Copenhagen - Milan - Boston - Los Angeles - Sydney 

British Airways Pensions 


Fund Management - UK Equities 

WShttsefs of over £4 bflKon under management, the British Airways 
Pensions Scheme bone of the largest and best managed in-house mods 

Therefe xn immediate requirement for an accomplished Fund Manager 

to assume responsibility for the UK Equities Fund, which amounts to mvesnner 

somc£Z 3 biffio 7 L compaiue 

of commit 

Reporting to die Investment Manager, the appointee will be a key and merit 

member ef a small and talented group. The initial remit is to sustain -rmi,! 

retunre abovethe Indexhut, over the Longer term, the goal will be 

consistent upper quartfle performance. The chosen raateaoa 

candi d ate Wifi have the latitude not only to formulate r 

the approach toasset allocation within the UK Equities frgarjp TTa TMTimei 

Fra4W also to make a major contribution to overall 23 IT. 

iuvestteentpolicy. (Ly ASQOCffATEg 

v Excellent Package 

Educated to degree level, highly numerate and probably in their 30s, 
candidates should have about 10 years' relevant experience, including at 
least 3 years managing UK equities. A consistently successful track record 
is a prerequisite; so we wiH be looking for proven ability to develop 
investment strategies based on a rigorous analytical approach to 
companies and sectors. Creativity, independence of mind and a high level 
of commitment will be key attributes in this innovative, team-oriented 
and meritocratic environment 

The remunexa lion package comprises an excdlmt base salary, performance- 
related bonus, car, contributory pension scheme and private health care 

> Interested candidates should write, enclosing a 

TME1E S Si detailed CV, to Roger Howell at the address below, 
i giving details of current remuneration and quoting 
[ATTESJ) reference number J17J. 


52 Old Burlington Street, London W1X 1JLB Fax: 071-287 282L Telephone: 071-287.2820. 

A GKR Group Company 

The Law Society is committed to improving the controls on solicitors accounts and 
ensuring that sole practitioners are complying with the Accounts Rules. 

The Monitoring Unit Is looking for Compliance Officers who will be responsible for 
visiting firms of solicitors to verify compflance with Accounts Rules, advising on corrective 
action and providing advice. 

Your training and experience should include education to degree level and/or a 
relevant professional qualification such as Law, Accountancy or Trading Stands rds.Personal 
qualities required include tact authority and good communication skids. 

The Monitoring Unit Is based at the Law Society's prestigious headquarters In Redditch 
and you should be willing to travel extensively to all parts of England and Vtoles 

In addition to a competitive salary, benefits indude a car. private health insurance, 
pension and life insurance. 25 days hoHtfay and a subsidised staff restaurant 

Application forms can be obtained from Barbara McKetvey, Personnel Manager. 

The Law Society, 50/52 Chancery Lane, London WC2A1SX. Telephone; 071-320 5629. 
Closing date fbr return of applications is 3rd July 1992. All applications will be acknowledged 
within seven days of this date. 

For a more informal discussion, contact Bob Butler, Head of Monitoring unit text 
3320) or Stuart Bushel!. Deputy Head of Monitoring Unit text 33B3) on 0527 517141. 

The Law Society is oonvrttted to Equal Opportunities. 

Managing Director - Derivatives Broking 

Centra/ /London 

Substantial package with equity participation 

. Thi s inde pendent Gty-based international 
investment group continues to enjoy an enviable 
record of growth and profitability. Wrth interests 
including asset financing, fund management , 
equities and treasury management, they are among 
the leaders in their field. 

The g roup now seeks a key /ndiv/duaJ with the 
entrepneneuria/ skffland vision to head its 
Oerfvatrv^s Broking subsidiary. 

The successful candidate , who will already occupy 
a senior position within this industry, will have full ' 


5-1 1 Lavington Street 
London SEI ONZ 

responsibility for all aspects of running the 

The package on offer w ill fully reflect the 
importance attached by the group to this 
appointment and their commitment to the 
success of the new business. 

Applicants interested in finding out more about 
this outstanding opportunity should telephone 
Jonathan Cohen , on 071-945 6051, or fax 
071-945 6054, or write to him enclosing a 
detailed CV at the address below . 

Tel: 071-945 6051fZ/3 
Fax: 071-945 60S4 



Fixed Intone Salts - fiernaaj 

' BZW is one of the world’s leading investment banks and rapid expansion 
in the Bonds division has created a vacancy for an experienced salesman 
to join a team dedicated to selling gilts, eurosterling and international 
bonds to mqjor German institutional investors. 

Suitable candidates are likely to be graduates with a minimum 0 f three 
years’ experience in a major investment bank. 

Fluency in German and English is essential . 

BZW can offer an attractive remuneration package commensurate 
with experience. 

Applicants should reply in writing, enclosingsfuE CV to; 

Katushka Giltsoff, 

Director Personnel Markets, BZW, 

Ebb gate House, 2 Swan Lane, London EC 4 R 3TS- 

SBN&fe': V: • 

. . .■ •.. 

«KVi"rOt—--v. ~ ... 


i Irish Life 

Head of Fund Management 


Due to co n tinued development of Its investment management 
business there is an Immediate need for a senior i nv e s tment 
m a nag er to head «p a large hind management operation. 

Compliance Manager 

Bine Chip UK Fund Manager 

To £40,000 + Banking Benefits Cit 

New position, budding from strength. Opportunity for lawyer with solid 
Financial Services experience to assist the Head of Compliance. 


^ Publicly quoted major life assurance group. 

• Leading its market in Ireland and operating in 
huropc and the US. 

^■ in excess of £5hn of assets under management 
and market capitalisation of JE600m. 

^ Rep utation for Innovation and excellence. 


Head of Fund Management, taking responsibility 
tor global asset allocation, investment policy and 

• process. 

❖ Key o bjective will be the adiievement of ambitious 
pofonnance targets across equities, bonds and treasury. 

Reporting to Chief Executive-Investments in a 
highly visible role. Directing sizeable professional 


^Graduate calibre with at least 10 years' relevant 
investment experience. 

«8> Must have strong understanding of investment 
markets and Ideally some quantitative experience. 
Performance driven, with energy, enthusiasm, 
judgement, sound commercial instinct and vision. 

Please write, enclosing lull cv, Ref LL2404 
54 Jermyn Street, Toxsdon, SW1Y 6lX 


Premier, UK-lrasod investment manager. Major 
subsidiary of financial services group. 
Outstanding record of funds performance and 
growth, both UK and international. 

Compact compliance function operating to the 
highest professional standards. 


Provide consultative guidance and interpretation of 
IMRO, Sill & SEC rules. 

<S> Lead training initiatives for Ijoth Front and back 
office staff. 

UNION Cm4956392 • tHBMINGHAK 021^34656-SOUGH 0753 819=27-BBZCTOL OT72 291142 
CtASGOW 041 2044334 • ABERDEEN 0224 638080 - MATKEKSISK • 0fi23 5SWS3 

Systems Analyst 


Base £30k 

Our dient, a recognised leader in Investment Banking, seeks to appoint a 
graduate experienced in database management, with particular emphasis 
on the computation of finandal indices and market data feeds, to work 
within its Equities division. Some programming experience in a high level 
language, such as ‘C or Fortran, would be advantageous and 2 to 5 years' 
experience with financial data analysis is preferred. 

The successful candidate will work closely with the trading desk to support 
proprietary positions and actively interact with clients, salespeople and 
stock exchanges. 

In addition to the. at tractive salary, the post offers a bonus scheme and 
investment banking benefits. 

Please write in strict confidence, enclosing a full CV and listing separately 
any companies to which your application should not be sent, to: 

Geoff Selby (Ref. GR/16), Vine Potterton Limited, 152/3 Beet Street, 

London EC4A 2DH. 



Money Market Sales- 


Already the leading Eurocommercial Paper/Money Markets 
bouse. Citibank Capital Markets team is continuing to expand its 
business throughout Europe. 

As a result, a sales professional with at least 2/3 years experience 
of Money Market products gained from a leading house is now 
required to join the team. The position, based in Citi1niik Ix»doa, will 
require frequent travel 

The ideal candidate will be client orientated, self motivated and 
work well within a close-knit team. 

A European language will be mi advantage. 

Please reply to Brian Woolley, Managing Director, at Citicorp 
Investment Bank Limited, PO Box 200, Cottons Centre, Hays Lane, 
London 5E1 2QT. 


We are an equal opportunities employer. 

TEL: 071 6 o <S 5286 F AX: 0 " 1 582041 

|,:.!in Rn'.vc Av'.'i-iiC' L ; -' i,L 

■Hntisc II ilium:;. 1,1 sir.vt i.mniim J : < r>l 'V: 


Small highly professional and friendly Stockbrokers, specialising in 
the active manag ement of advisory and discretionary private client 

funds seek comirassion sharing brokers with managed fundsvMing 
' to participate in the development and expansion of the firm. 

Own settlement - SE and SFA member 
Write Box A1724. Financial Times, 

■ • Qno Southwark Bridge, London SE19HL |_ 

-- appointments wanted 

Appears every 
Wednesday & Thursday 
and Friday 

(International Edition) 



High calibre 40 y/b finance/development director seeks new short or tong-term chaltengo(s). 
Broad international experience Includes Acquisitions, Divestments. Refinancing, 

Listing, Strategic developments, Corporate PR and 

regulatory Issues 

: vwta hi coitManco to: Box A 1 SW, RnandaJ Timas. One Southwark Bridge. Lontton SET 9HL 


The changes in the world today call for new 
thinking, new relationships and new knowledge. 
Those who intend to be leaders in the 21st century 
are already in the process of transforming themselves 
and their organisations. The leadership of these 
organisations needs outside support. 

We are looking for mature individuals, men and 
women, who have experience in management, who 
have been successful at producing results and who 
are willing to challenge their own attitudes and 
beliefs about people in organisations. 

This opportunity will require a rigorous selection and 
training programme. It will be of interest to those 
people of experience who can see a new future for 
themselves and who are willing and able to Invest 
some time in preparation for that future. 

Send only your name, age, previous position titles, 
languages and a statement of what attracts you to this 
opportunity. Please do not send a CV. 


to £50,000 + Banking Benefits 


their interest rate options desk by appointing an 
additional trader. The position wfi] involve quoting 
USD, DEM, GBP products to the interbank market, 
identifyingand executing profitableoption trades, 
and assisting in the marketing of option strategies 
to an active customer base Successful candidates 
should have at least 2-3 years relevant experience 
and the ability to develop their skills into other 

Please contact Tim Sheffield on 071-6231266. 

Jonathan Wraa & Co. Urotod, Rmh« 3»I Requgamit C o —itan* 
Nal Mew Stmt. LoodoaECa>faTP T«L 071-6231266 Bn. 071-626 SS9 




Waters Lunniss and Company, part of the Norwich and 
Peterborough Group, is a member of the London Stock 
Exchange and The Securities and Futures Authority. 

Due to our continued expansion opportunities have been 
created for SFA Registered Representatives to be based in 
Peterborough, Nottingham and Northampton. 

You are likely to be in your mid-twenties to early thirties, have an 
outgoing personality and be of smart appearance. 

Please apply in writing, with full Curriculum Vitae including 
salary details, to: 

R.J. Lamer 
Managing Director 

Waters Lunniss and Company Limited 
2 Redwell Street 
Norwich NR24SN. 

A member of the Norwich and Peterborough Group. 



Pacific IrsemstJonsl Seem&ka Inc, is a fall service fatanatnxul uveuwa 

dealer wring imiiniral and nadl dknts iradMde. 

Ws tic expsorfin* oar n scari ng highly motivated faultiiluiiiil 

' Exmpeu a 

Tte candidates should be highly lintymlmt with a proven back rawed sad solid 
■rodjdcat akiTh. Yon wM be anp po ned by a Bang research and c ra pa r s t c finance 
torn. ‘Dna ponaon often a vwy mnafvc i c n a Wfit ion package m rin fin g one of ihe 
U^hm OOAMatedcn payuaa. 

CafidatraahnDMHauhra&xifacMSdHKniticfrCVsrri tamings hiraay by toe 
1992 bk 

M&BcttQwi tfa OBOc dii .BA.CFA 

15th Root;700 West Georgb 

Vmoomw.BC. Canada V7Y1G1 

Phoa« 0201 (004)064*2900 Ac0101 (604)664-2666 

Pacific International 

Securities Inc. 


Mem box: Sacnritira A Futures Association UK; Invonnvat Dealers Association; 
Vi mi^ w a Toiqattx Alberti Stock E x chgiyr b vr Fi nario eCw to. 

O Research and strengthen procedures and 
monitoring programmes. Provide ad lux: legal 

odvicu on investment-related issues. 


<&• Lawyer, aged 27-35, with at least two years' 
experience of F5A requirements, possibly gained 
in investment management. 

Organised, self-starter with strong technical skills 
honed in a City environment. 

«> Clear communication skills. Capable of advising 
senior management and taking a commercial view. 

Please write, enclosing full c v. Ref L2410 
54 Jermyn Street, London, SW1Y 6LX 

P!BSB0BQa0WIJD.aNoananBroadbcral«weriia>lo na laaw r tai rd e j «y ouy 

LONDON 0714» 69» • BIRMINGHAM qa 333 4656 - SLOUGH0753 819827 • BBSIOLOQ72 29U42 
GLMQOW041 20*4334 - ABERDEEN 0224 638080 - MANCHESTER - 06» S»9® 




Barings axe leaders in the management of international equity issues for 
Mexican companies. We are active also in financial advice, M& A and other 
forms of corporate finance. We are exceptionally well placed to take advantage 
of the opportunities available to us. 

We now wish to expand our successful team with an additional 
experienced corporate finance executive. 

Candidates, aged between 25 and 30, will have at least 3 years relevant 
experience in merchant banking, accountancy or related disciplines. Fluency 
in Spanish is essential. The job wfi] be based in London. Frequent travel will be 
expected. In the longer term, a posting to Mexico or to another country in 
Latin America is likely. 

Remuneration will be highly competitive and will be negotiable according 
to age and experience. Other benefits include mortgage subsidy, non- 
oontributory pension scheme and BUPA membership. 

Write in confidence enclosing a full C.V. and details of current 
remuneration to: 

Miss S. J. MU bank. Manager, Personnel Department, 

Baring Brothers & Co., Limited, 

8 Bishopsgate, London EC2N 4AJE. 

Bernard Krief Consulting Group 

' has openings, for 

2 Project Managers 
6 Senior Consultants 

The successful applicant must be an 
experienced consultant in the following 

• Operating audits 

• Structural reorganizations 

• Strategic restructurings 

• International marketing 

• Financial audits 

• Privatization 

He must be able to work in English and 
French (knowledge of other languages, 
especially Russian, will be considered 
an asset). _ 

He must have shown successful H 
experience in an internationally known mr 

Consulting firm working for large 

The applicant is offered: the opportunity to 
satisfy tils ambitions by applying Bernard 
Krief Consulting Group’s creative approach 
to problems; trips to interesting countries 
(Europe, Africa, Russia), real opportunities 
for independence and persona! improvement 
(N.B. The upcoming assignment concerns 

Please send your application under 
ref. R 28 K/FT to Bernard Krief 
Consulting Group, 115 rue du Bac, 
75007 Paris. Fax.: 33.1.42*4.10.72 

Bernard Krief Recrutement 

V* Hpuiliniil J* htii'i trill Caaialllif Graap 

i i yji .v, i\ i-i i\u j 

Japanese Bank Subsidiary in 
London seeks a junior bond trader 
(csdy twenties). Ax least one yen's 
experience on Band trading desk. 
Graduate preferred, comparer 
Htcnte, languages masKL Rondon 
requires committed individual 
seeking to develop a career in 
Financial Markets. Please send 
GV. and letter to Box No A1870, 
Financial Times, One Southwark 
Bridge, London SE19HL. 

r.HTFTTT aW Jrr!:.w 

A lessoned executive with proven 
experience si Mfcfiqg and managing ■ 
national sales force for the direct 
Marketing of a eoaramer product. 
Experience in financial services 

MpfaL The iqipUcmewa haw m ajor 
compa n y ex p e ri ence bat wfll hara She 
.eMrepreoamkl personality necessary 
for s young company. Basie pins 
bonus la unlikely to be leu than 
£150,000. StricMt confidence wCB be 
observed. Phase write m Bos AI86% 
Financial Times, One Sonthwaik 
Bridge, London SEl 9HL. 


The Urtvwsity ol Strathclyde bivtes applications tor 
a Chair in international Finance In the Department o! Economics 
to complement ongoing research within the Department. The 
successful cancUdate wS have sn estabfisfted reputation in 
international flnancs research and a proven abffiiyto Initials 
resomch and gonaratu research funding. 

For application form mod further particufoni ^ 

(Rtf 81/92) contact tbs Pwnonnol Offlca, 

Uirivnraay of Strathcfydt, Gtatgow G11XQ. PumM 
AppBcationa closing data: 16th July 1992. 



With Esssom Einqpem expertise 
tod languages seeks position in 
law firm or financial institution. 
Write to Box No. A1871. 
Financial Times, One Southwark 
Bridge, London. SE19HL 


Req uire d for UJC. Bank with in- 
depth knowledge of, and 
personal contacts in, Nigerian 

Other requirements include: 
Marketing, Trade Finance, 
Credit, Operations and 

C ta ntpe d rivc salary pins benefits. 

Detailed C.V.'s please to: 

Bex A1874, Financial Tunes, 
One South wazic Bridge, 

London S619HL 


Corresponding with the e xpu lsion of its trufing divisaoii, oar client, an 
mlcrn at i oo aHy operating Swiss company, spccializmg in cooalcrtndc 
«■* f-TS eramtriws, »%«*■ ■ iwqqp 


wbh mnhi^otsaal psovea experience m dm trade of TVafis snd Coommer goodi. 
Besides a good knowledge of the European and Fxr Eamem supply markets, 
the poshion d e m a nd s stregg p^otistmg qmHiies as weD as rite c ap ab ilit y to 
work effickndv whim n small umm of ymtiirt ApjrikanB iboold be 
willxng to perform extensive travelling and ought to speak English and | 
German fluently. Additional knowledge of Rnzrian slndfor other Boi ope sn 
Imgnagns is wcicooac. 

The position, which reports directly to the management of the trading 
drrisko. oflfots excellent career opportunities. 

Please send your tetter of appKauian logetber with supporting documents to 
HTW, P.O. Bax 783, 80tt Zflrich TMC, Switzerland, attention Mr M. 



- Series 03 Ex a mrni»ti on. Business School, Management progun 

- Extensive aqwrientt; in trading (American/English futures & 

-rniwmttyuHiririttg far one of the leading American c om pani e s 
in this industry . 

- Pl ffwvy in fti g iiah /fteKan. wodrinp knowledge of German and 
Breach, ctxapubsr pn^deocy. 

- Seeks a suitable positioa (Banks, Hmdg,etc.). 

Write to Box A1872, Rnancial Tunes, 

One Soutiruttok Bridges, London SE19HL 


Abu Dhabi - U.A.E. 
Financial Controller 

A major highly diversified and rapidly growing 
investment organisation invites applications fro® 
qualified accountants with sound experience of 
Banking, Treasury Products and Computer 

This is a hands-on role requiring good 
communication skills plus a high degree of 
computer literacy providing financial management 
information support to the operating departments. 
The incumbent should have a minimum of 5 years 
banking experience and shall be able to restructure 
and develop modem Accountancy systems and 
techniques for the organisation in a fully 
computerised environment including projected 
budget and procedures of result follow up. 
Application including a full C.V. with copies of 
academic certificates, experience certificates, 
passport and a recent photograph should be sent 
within a fortnight, addressed to: 

P.O.Box 46746 
Aba Dhabi 


Mid-size marriage of convenience may set trend 

By Andrew Jack 

A RATHER unusual volume sits 
among the untouched tomes an inter¬ 
national tax treaties and accounting 
for leases on fha Financial Times’s 
bookshelves. In the last few days, 
with the announcement of a merger 
between Stoy Hayward and Finnic's, 
two midsized firms, its spine has lost 
the normal covering of dust 

The casual reader- is in for a sur¬ 
prise when browsing through the 
book for the first time. Inside the 
glossy red cover, emblazoned with 
favourable reviewers’ comments, the 
contents leave something to be 
desired, being nothing but blank 
white pages. Only on re-reading the 
title, does It elide for this is “The 
Stoy Hayward Guide to Mergers hi 
the Accountancy Profession", pub¬ 
lished as a joke in 1989, when many 
rival firms were in the midst of inten¬ 
sive discussions oh coming together. 

Stoy, in contrast, had remained res¬ 
olutely Independent and aloof freon 
the trend since its previous ’’merger” 
back in 1974. Even then, it only took 
in a two-partner practice. Over the 
next 15 years it resolutely refused to 
entertain any further such activity. 

For affidanados of the new Stoy 
merger now underway, there are sev¬ 
eral additional ironic twists to the 
firm’s book beyond the title and its 
lack of content Its authors are John 
Piper - one of the partners brought 
in with his practice in 1974 - and 
Adrian Martin, the current managing 
partner, who was central to the 
merger with Finnic this month. 

One of the comments from a 
“reviewer” on the back page - who 
says, "We are proud to have been 
involved as sponsors tor the research 

material .jq this excellent book" - is 
by Douglas Llambias, a consultant 
and professional Tnaf f *^ Tng k p - r among 
-accountants, who helped bring the 
two firms together over the last few 
m onths. 

But what Finale's and Stay's part¬ 
ners might be more nervous about 
today is the description of the con¬ 
tents printed inside the dust ja c k e t of 
the book. The “guide", it says, tongue 
firmly in ch eek, demonstrates how to 
reach the right decision “without 
being confused by non-important fac¬ 
tors such as money”. Mergers, it 
argues, axe being driven by rising 
rents and an anticipated shortage of 
good, partners. They allow successful 
firms to achieve key features of their 
strategic plans. But the pitfalls are 
usually only discovered once they are 

The two sets of partners might be 
gH ghtfy tmeasy at that particular jibe, 
but they cannot disagree entirely with 
Us arnbah 

If would be too easy to dismiss the 
Stoy-Finnie fink-up as another merger 
on mv-nwifir H- tahiff terms. So many oth¬ 
ers in the last few years have been 
driven - despite the rhetoric of “stra¬ 
tegic reasons” - by the inherent 
weaknesses of at least one of the two 
firms involved, saddled perhaps with 
expensive potential litigation, high 
debts or a declining practice area. 

Now, with the impact of the reces¬ 
sion far deeper, and competition 
between firms tor clients so intense, 
for Stoy to merge is surely a way to 
boost its Income. Finnic has several 
tempting quoted clients it could take 
on board, including the Body Shop. 
Squally, as critics have not been slow 
to point out, Stoy a re p ut a tion 
as something of a whizz-kid firm dur¬ 

ing the 1980s, becoming auditors to 
several high-profile companies sot in 
disgrace, such as the Levitt Group 
and Pdly Peck International. 

Perhaps the merger gives the firm a 
chance to redeem itself with a broader 
portfolio of safer clients. Several fac¬ 
tors veer away from such a purely 
negative spin on the merge-, however. 
The most significant is the feet that 
Finnie approached Stoy. not the other 
way round. Stoy is believed to have 
turned down a number of merger 

The number of firms 
of similar size 
currently offering 
comparable services is 
probably unsustainable 

approaches over the last decade. Fin¬ 
nie was the only one that ever got to 
an advanced stage of discussions, and 
it claims that Stoy was its first choice 
among three attractive candidates. 

That choice only came after a 
detailed scrutiny, under confidential' 
tty agreements, of documents includ¬ 
ing toe partnership accou nts . Infor¬ 
mation on litigation and the technical 
working papers surrounding some of 
the more controversial audits. 

Similarly, if Stoy only wanted to 
gain clients, it would have to swallow 
tiie extr a overheads of additional Fin¬ 
nie professionals, since at least on 
paper the new, enlarged firm riaims 
there will be no significant job losses. 
If senior staff are removed in the com¬ 
ing months, that could also jeopardise 
the relationship with moating clients 
and risk them moving elsewhere. 

In spite of these arguments, it Is, of 

course, possible that Finnie rather 
than Stoy needed to merge in order to 
survive. As the twentieth largest firm 
by fee Income, it is no doubt suffering 
a squeeze on business, partly gener¬ 
ated by aggressive tendering by some 
of its larger competitors. 

AH the two firms will say - ambig¬ 
uously - is that their profits are at 
about the same level They do not 
deny that a huger client base was 
aiming the most attractive aspects of 
the merger. They also state that the 
combined firm is profitable, with low 
gearing and a strong balance sheet 

But Mr Adrian Martin also malms a 
point of stressing that Stay was 
attracted by the fact the merger 
would have little impact on the firm’s 
position as number eight by size. The 
two firms snggttt that their cultures 
and approaches to the provision of 
professional services are compatible. 

Whatever the truth in these argu¬ 
ments, there does certainly appear to 
be some strategic logic behind the 
merger, which was not always so 
dear in previous examples. Stoy is a 
London-based partnership, with asso¬ 
ciates around the country. For several 
years it has been considering how to 
expand from its West End office into 
the south-east Finnie is essentially a 
south-eastern practice, which has 
built up a network of 10 offices in the 
M25 region around London. Its local 
strength makes it very attractive as a 
way for Stoy to expand in the area. At 
the same time, Stoy recognised a 
number of strong aspects of Finnic’s 
operations that tied in with Its own 
strengths: In insolvency, property 
work and corporate finance Including 
work on the government’s Business 
Ri pandnn Scheme. 

Finnie makes no secret of the feet 

that it was finding it difficult coping 
with clients with operations outside 
the south-east. Without the nation- 
wide network it now kas. H wm 
forced to refer these clients to Inde¬ 
pendent accountancy practices m 
other parts of the country. 

How well the merger will last over 
time, in terms of both client andstaff 
retention, cannot yet be judged. There 
has already been modest fall-out Mr 
Chris Benbow, former senior partner 
at Finnie and a man intimately 
involved in the early discussions, left 
“to pursue other interests" a Jew 
weeks ago. Finnle’s Beverley office 
ajsn remains outside the new network 
of associates around the UK. 

What seems certain is that the 
shake-out of mid-size firms is fer from 
aver. While different types of clients 
have different needs, the number of 
firms of similar size offering compara¬ 
ble services is probably unsustainable 
in such a competitive environment 

Whatever the reasons, the number 
of mergers and acquisitions does not 
seem likely to diminish. A recent sur¬ 
vey by Michael Page, financial 
recruitment consultants, suggested 
that a growing proportion of small 
practices anticipate selling out or 
merging. Last month, Ernst & Young 
announced the acquisition of a 12 per 
cent stake in Waif-has. a small strate¬ 
gic consultancy firm. Another merger 
Involving mid-size firms is rumoured 
to be announced shortly. 

The reasons for this activity may all 
be different, but the trend Is the same. 
In another year partners in Stoy Hay¬ 
ward may still, evaluating the .success 
of the merger. But the pages of a 
second edition of the Stoy guide in 
two years’s could be somewhat 
more detailed. 


Finance Director 

£30,000 + Car 

Our diene is a market leader in the capital 
equipment manufacture and hire sector. This 
£20m t/o Division is pan of an £85m t/o FLC 
with a successful grow th record in bodi 
internati o nal and domestic markets. 

This is a newly created position designed to add 
finanrial weight and experience to an 
established management wam. You will be 
pro-active in toe development of the finance 
function in two locations. 

You wxU be a qualified accountant, an 
accomplished decision maker, with strong 
int er personal and management skills. You will 
have a proven trad: record of managing change 
in a senior management position preferably in 
toe manufacturing sector. 

Contact ABson Hartftt on (021) 431 4211 (P*j) or 
(0299) 270541 (Evenings A Weekends). Write to 
Neville House, 14 Waterloo Street, w«» 

B2 5TX or fin your CV on (021) 643 7305. 


recruitment specialists 

Wiltshire Excellent Package 

JPI Group is a fast-growing group of 
companies building a market leading 
business in the leisure sector. Continuing 
future growth prospects mean that there is 
a need to recruit a new Group Financial 
Controller wbo will progress to the position 
of Finance Director. 

The successful candidate is likely to be an 
energetic Chartered Accountant with at 
least 2 years post qualification experience 
He or she will be expected to make a 
significant commercial input to business 
decisions as part of the role. 

Candidates should apply in writing with a 
full cv to: 

Huw Watson 
JPI Group limited 
Brinkworth House 
Nr Chippenham 
Wiltshire SN15 5DF 


As one of the twelve Regional Electricity Companies, 
SEEBOARD pte supplies electricity to around 2 million 
customers In South East England, and Is one of the 
-largest businesses in the area. 

Following a promotion,-the Financial Planning section is 
now looking to appoint another Senior Financial 
Planner. This section is responsible for providing 
financial plans, budgets, forecasts and analysis to 
Directors and Senior Management, which are vital to the 
Group's financial strategy and relationships wife the City 
and the Industry's regulator. 

Reporting to the Head of Financial Planning, Budgets 
and Forecasts, your main brief will be to contribute to 
the overall production and documentation of financial 
plans for Senior Management You will have direct 
responsibility for challenging and analysing the activities 
within SEEBOARD's Trading businesses, which have a 
turnover approaching EIQOm. 

The opportunity of operating within the electricity 
industry’s regulated environment, whilst responding to 
the new world of privatisation, will allow you to fully 
develop your abilities and initiative. 


Doing a power of good 

c £30,000+, plus car 

You should preferably be a qualified Accountant with at 
least 3 years post-qualification experience in a medium 
to large Company. You will be able to demonstrate a 
proven diplomatic but tenacious approach to obtaining 
information and explanations whilst displaying a high 
level of numeracy and accuracy, and be able to work as 
a member of a small, highly committed team. A logical 
and methodical approach to complex problem solving is - '. 

essential. PC skills would also be an advantage, 
especially a working knowledge of Lotus 123, although 
training will be given where required. 

The Company has recently undertaken an extensive 
Management Review exercise and this post is included 
as part of this process. Salary will be £30K + and, in 
ackfitiorT, we offer an excellent benefits package which 
will include a company car. The Seeboard Head Office 
operates a “No-Smoking" policy. 

Please apply In writing, enclosing a full CV and 
stating current salary, to Helen Sutton, 
Recruitment Officer, SEEBOARD pic, Grand 
Avenue, Hove, East Sussex BN3 2LS, quoting 
vacancy number 4668. Closing date for 
applications Is 30 June 1992. 

SEEBOARD pic is committed to a policy of Equal 


B-B C 

Systems Accountant 

Network Television 

c S35k 

Network Television, an orga nisa tion with a cost base of approximately &760 
million, is undergoing a period of rapid structural and systems change. 

Central to this is the implementation of new computerised accounting 
systems on a network of Unix based mini computers having in of 1000 
linked terminals. To assist in the implementation and subsequent development 

of this system a high calibre systems accountant is now required. 

Die successful candidate will have proven systems implementation 
experience and will almost certainly be a qualified accountant. Strong 
interpersonal and communication skills are essential, as is sound judgment, 
and the personal credibility necessary to earn toe respect of senior operating 
Tnanagumwi t 

Based Television Centre, West London. 

For further details please contact Julian Eldest, Accountant 

Television on 081-743 8000 ext . . 

For application form please contact (quote ret 1Q285/F) BBC Corporate 
Becndtment Services, PO Box 7000, London W12 7ZY. Tel: 081-749 7000 
Mtnleom 081-752 5151. 

Application forms together with a current QV should be returned by July 

non hire pan <Tuq accord pubQdufrc me 

le qaotitficn de rtamonde le ptu» fcaponux en France. Unc annaore 4m h nttxiqw “Offra JEapfei 

ImcTMti mnWYbifK If 

FINANCIAL TIMES« LES ECHOS u&nataa dc fi^oa nbmSelc Input dc vane nangc ht la cadre* kUrifeanu ca Europe. Claque 
kaaHK la unonces paraftroai dun ia Echos k midi cl dan k Fmanoal tom la acrerc# (lc»a>dredi dm rEcSoon Inienadnakda 
Fwanrial TmalFoar dc pin* aapla wn a dgNCW U. wcnfllaz comnr •' 

071 873 4027 

The Top 

appears every 
For advertising 
information call: 




• Arthur . 


in International Banking 


Excellent package + banking benefits 

A portfolio of innovative products 
and services, matched by a presence in . 
all the major financial centres; serves 
to maintain J.P. Morgan’s reputation as 
one of the world’s premier banking and 
securities firms. 

Our on-going implementation of a 
European-wide Audit approach, has 
created vacancies within the London 
based Audit team. These offer high 
calibre individuals the opportunity to 
take a proactive role in shaping the 
nature of this integrated pan-European 
function. Our approach is risk-based 
and offers a unique insight into the 
complexities of the various business 
areas. For each of the products 
handled by the firm, an in-depth 
assessment is made and sophisticated 
control techniques are applied. 

Working on a wide variety of 
assignments, you will be exposed to the 
most critical areas of the business and 
most of the products that are prevalent 
in today’s markets. 

The positions reflect the truly 
international opportunities which J.P. 
Morgan can offer to ambitious young 
accountants. As the department 
develops, regular travel to the major 
financial centres of Europe can be 

A first or 2:1 degree in any subject,- 
first time passes at the professional : 
exams, creativity and a quick graSfiof 
concepts are crucial. Applicants should 
be recently qualified (with up to three 
years’ PQE), and have an aptitude to - 
communicate at all levels. A well- 
rounded personality and a strong 
desire for results is equally essential. 
J.P. Morgan is a meritocracy where 
progress is dictated solely by your 
abilities, achievements and personal 
ambitions. In the longer term, career 
options will exist throughout the 
Bank’s operations. 

In addition to an excellent basic 
salary, benefits include a car 
allowance, mortgage subsidy, profit 
sharing bonus scheme and the 
opportunity to develop an exceptional 
international business career. 

For further information in strict 
confidence, please contact our advising 
consultants Brian Hamill or David 
Craig at the offices of Walker Hamilt, 
on 071-287 6285. Alternatively 
forward a brief resume to the 
London office at 29-30 Kingly Street, 
London W1R 5LB, quoting 
ref BH223. 

: v. 


EmUMnd 1814 


c£21,000 AAE (+benefits) 

Young chartered/certified accountant reqd to cany out the accounts function of 
an associated company within busy Accounts Dept in long established financial 
services group; close to Stamford Brook tube. Duties incl. sales ledger; 
commission payments, management/financia! accts and contributing to system 
enhancements. Applicants must be computer numerate with strong analytical 
and organisational skills. 

Please write with full CV to: D Saxon, CPA pic, 350 King Street, London W6 ORX 

(No Agencies) , . 

V-VF-' . 



Financial Analysis Manager 

To £50,000 + Benefits 

Central London 

•• fo^rtfential Corporation- One nfthewnAFs flnflfirifll services gr m ips t 

a superb analyst for a highly visible role in the corporate head 
' ' . oflfee finance departme nt , with excellent career development po tentia L 

4a^ P 5 Sm ° N . QUAUHCAHONS 

vwo^amg incisive analysis of financial performance, Outstanding graduate accountant, aged 2 
budgets and foreosts of operating divisions. superb financial analytical skills and experie 

^ on acquisitions, divestments, from a large International group. 

capflai appraisal and investor relations. ^ Self-assured, resilient. diolomaoc personality 

*5 gular ®xposure to main board and divisional 


g> Outstanding graduate accountant, aged 28*33, with 
superb financial analytical skills and experience, ideally 
from a large international group. 

^ Self-assured, resilient, diplomatic personality with clear 

presentation skills. 

^ Ambitious and ready to work long and hard in a 
demanding environment. 

Please write, enclosing full cv. Ref BL2512 

NBS, Bennetts Court, 6 Bennetts Hill, 
Birmingham, B2 5ST 

VsCJ mxjo. ■ 

>KSBLBCOOWHD-«Woct na nBro« d b g*Imein at kin » Jawoclo i ed comp a ny 
B0RMB4GBAM Id 23346S6 • IONDCN 071499^92 • SUXJI3H 07^819227 • BSSIOLOZ72 29114Z 
GLASGOW Oil 2&44394 »AOTDBEN 0224 638080 "MANCHESTER* 062$ S39953 

Assistant Controller 

U.S. multinationaler 


DM ma rktge reck tes 
G eh alt 

Unser Auftraggeber ist ein weltweit operierendes und fuhrendes 
Untemehmen im Diensdeistungssektor. Qualitat und Service rind 
LeitsStze, welche die erfolgreiche Strategic des Untcmehmens 
bestimmen. Einem wirkungsvollen Controlling kommt eine 
Schldsselrolle bei der Absicherung des geschaftlichen Erfolgs zu. Zur 
Unterstutzungdes finanda] Controllers der deutschen Tochterfuma, 
mit Site in Frankfurt am Main, suchenwir eine Oameodereinen Herm 
als Assistant Controller mit der Mdgiichkeit, inner Kalb eines 
Zeitraumes von 2-3 Jahren dessen Nach/oige anzutreten. 

Tatigkeitsschwerpunkte des Stelleninhabers werden die Leitung des 
betriebfiehen Redinungswesens, die Verantwortung fiurdenTreasury- 
Bereich sowie die Weiterentwkklung von Accoundng-Systemen sein. 
AuBerdem gehflren die Analyse betrieblkrher Daten und die Leitung 
des Berekhes "Steuem" zu den Au/gaben des zukunftigen Assistant 

Der ideate Kandidat ist zwischen Anfang und Mitte30, hat die deutsche 
Staatsangehdrigkeitund hat ein Studiumder Betriebswirtschaftsiehre 
o.a. absolviert. Er ist geprufter Bilanzbuchhalter Oder "Qualified 
Accountant" und hat bereits Berufserfahrung, vorzugsweise im 
Dienstletstungsbeceich, zu bieten. Dabei ist ihm ein Mainframe 
Accounting-Umfeld nicht fremd. ErwQnscht ist auch praktische 
Erfahrung im "Treasury-Bereich" und auf dem Cebiet der 
Buchfuhrungund Bilanzjerung. SehrguteKenntrussederrelevanten 
deutschen steuenechtlichen Vorschriften rind zwingend erforderiidi. 
Die Tagesarbeit ist gepragt dutch die Notv/endigkeit zur Teamarbeit 
und dutch stzaffeZritplanung. Sehrgute EngHschkenntniase undPC- 
Erfahrung runden die von uns gewunschten Voraussetzungen ab. 

For further information in strict confidence contact Robert Walker 
or Brian Haodll on071-2876285 (evenings and weekends 0903884649). 
Alternatively, forward a brief resume to our London office quoting 
Ref: RW 7254. 


Financial Recruitment Consultants 

29-30 Kingly Street Tel: 071 287 6285 

London W1R 5LB Fax: 071 287 6270 

Group Fiance Director 


£100,000 Base & sup Incentive Package. London & Travel 

ExceDtiC war ^ s ^ challenges for a tough, 
dedk ^ d nbftious young finance professionaL 


<v> Exciting and successful intern*” 
Developing a global brand fror 1 
share. - 

<S> Worldwide turnover c.J£100ro, ■” wir * g ' Strong 
presence in key international mat, 

4> Recently strengthened boa h 88 s 
expansion strategy. 

THE POSITION , „ f . . 

O Main board with fall respon for 311 fmancl31 
management issues. . , ... 

o Key lasts are to develop mg 

systems, taxuuon structures or 

jry efficiency. 

^ Close involvement in strategic development 

O Resilient and commercial ACA with detailed knowledge 
of international taxation. Ideally aged mid 50s. 

O Broadly based senior management experience in an 
international branded goods business. 

^■Strategic thinker with exceptional drive, tenacity, 
technical ability and communication skills. 

Please reply in writing, enclosing foil cv, 
Reference L241LFT 

54 Jfermyn Street, London, SW1Y 6LX 


jB S EL BCaM tnP-a Norman Brotdbo M iroec nM lu ne l uaB o dM e doonqaMiy 
tONDON 071493«92-8ffiMlNCaAM0212334656*SUXXaiCT7538WZZ7-BffiSnX.0272291142 
GLASGOW 0412044334 -ABEBDEBN 02Z4638080 • MANCHESTER • 0625 B99» 

{%) De La Rue pic 

ixation Manager 

Londor ® 

. ejLng commercial printer Of bank 
L* La Rue 13 no and is a leader in the supply of 
notes and ^ fa c [ Ktron i c narofo of 

equipment tor ir 

hich is international in both it* 

" “ * earning 90% of its £415 mUlion 

°P CT3 f ^ otts aix jaxea. Through to reputation for 

^erdse and custotoer service, the gnsqi 
tnregnr y, ted ^ ^ dividend growth in recent 
were a record with a 30% jump in the 

* eat *’ ^'“million and growth of 18% in earnings 
pre-tax prof 

per share. 

. . ro'ry has arisen (ora Taxation Manager 
An excitir^ ^which encompasses all 
re P on ' n ®jlian C e and planning. VAT and overseas 
aspc *f*°rwill work closely with other 
BUt finance departments to co- 

^ m ? 5ei }e tax planning. This key 

£45,000 + Car + Benefits 

responsibility requires a hands**! 1 approach to plaining tax 
structures for acquisitions and reorganisations. 

Candidates capable of assuming such a role will be Chartered 
Accountants, probably aged 30-35 with between five and seven 
yean experience, at least two of which will be in a commercial 

Opportunities exist for career development to a senior level 
both within taxation and in other related financial disciplines. 
The individual should possess excellent interpersonal skills, 
self motivation, commercial acumen and have the presence to 
interface effectively with key members of dm worldwide group. 
The role will involve between 20-35 days International travel 
per year. 

Interested applicants should write to Chib Nelson, 

Manager, Michael Page Taxation, Page House, 
39-41 Poker Street, London WC2B 5LH, or 
telephone him on 071 831 2000. 

Michael Page Taxation 

Specialists in Taxation Recruitment 
Londoo m«inl Wmifanf St ADmm LeathcHwd Bir mi n gham 
Nottingham Manchester Leeds Glasgow & Worldwide 

■ • : ■“ V - * 


O Fuji Seal Europe 

Four years ago Fuji Seal established its European headquarters in the UK 
and now dominates its market sector. The company is privately owned with 
a long and successful record of international achievement, pioneering the 
development of shrink sleeve labels and tamper-evident capstab. Its su c ce s s 
as market leader is directly related to its massive investment in new 
technology and its progressive marketing philosophy. 

Financial Controller (Director potential) 

Kent Based 

circa £40,000+performance bonus + car 

Reporting to the Managing Director, the person appointed 
will be responsible for all the financial management 
activities of the European operation, with an emphasis on 
ensuring that strong systems and controls are developed as 
tiie business further penetrates the European market We 
need to appoint a person who has a hands-on approach to 
daily, weekly and monthly accounting, who is meticulous 
with detail and able to ensure the effective communication 
of performance to the Japanese headquarters. Accurate and 
timely financial reports are essential and the successful 
candidate must have strong skills in identifying needs and 

implementing new computer-based control systems. 

Candidates, aged around 38 - 45, must be qualified 
accountants with considerable experience at senior level 
within a major manufacturing environment. It is 
particularly important that the successful candidate has the 
ability to win the trust of senior exe cu tives, both within the 
European operation and in the headquarters in Japan and 
an appreciation of Japanese business practice and culture 
would be a major advantage. A second European language 
would be extremely useful. 

Brief but comprehensive career and personal details should be sent to Gerry Cassell, 
Personnel Advisor to Fnji Seal, New Appointments Gronp, Personnel and Selection 
Consultants, The NAG Business Centre, Bell House, Bell Road, Sittingbouxae, Kent, ME10 
4DH. Telephone: (0Z9S) 424387. 

New Appointments Group 




p, | frujam y. itomo'B nothing tmuxnalta the legislation-led change that vre'ra having to regpondro.IC* 
*tw> tmtora ol » h ‘ i » res poa aa thart dintteetfare - it's imaginative, radical rotalhr pro f essionaL And already 
it's proving than « can manage oar rasouieafl to provide a Ugh quality of sarin to thereridsntsof tbb 
cuitarally dJvatse rea of Ota capital 

If you base the Ideas, the profearional akffls and the conamtUMnt to roafea a reel comribtttton to (bis 
devstopment process, wa d tike to hear from you. 

Group Accountant - Treasury Management 
and Capital 

to £30K phis free leased car 

Yoor taslr will be to lead end mauage tbs team tbatfs responsible for such strategically critical areas 
as loans jiFw— gpoiw-v and cash flow, as well aa tna o ffl eten t ad mlnuar atloa of oar pension food. 

g ltf ^nrjianTogtdiallengewai be to bring n ow and awtirothinkiag to our capi t al fiiwndn gBgategy. 
and co successfully Imp!ament our new capital accounting procedures. 

You’ll need a CIFFA qualification or sg&ivBlant. and amugb mlevant experience Q> enable you to make 

” on staff mtdriliEy incraases your chances of BuiUng new and entirely 

different profosBional e±aHenges as your career to Haringey develops. TUsrofere the sbUky co adept to 

^ IS Troobilltv. our generous relocatkm package smooths your move to our part of Umriop 
' with its axceflant transport and shopping fadliriw, white generoua leave enrittemant and a range <rf other 
banafiuvriDcontribUMtoyour-andyourfamihr's-qualitf ofBfe. t ^ • 

We an oarticiilaily inwrested in those wbo can bring an innovative approach to dad woik. plus the 
cana p e jp a muUl-rarifll and urban a mrtronmant daring this period of condnuad radical change. 

ypr an informatioft peek and application fbon. pluse omssn tts FfiMBoa Sortsa PsoomiBl 
Sactloa. Alexandra House, 10 Station Bond. London N22 STR. Tel eph o ne 081-882 3810 {24-boa 
answering service). Whan applying, phase quote reference number 014. 

date: tel Joty. 1998-__ 


"Haringey is working tnwads bec omin g 
an equal opportunities employer" 




every Friday 
(in the 

and Thursd? 
(in the UK 
Edition) ] 

For further inforr 
In North An’ 
please, cal 
JoAnn Grede 
212 752 4E 
or write to f 
14 East 60th, 
New York NT 

gfflgggggg; V'j.'.u iUi [i 1 ajli 

I W&Sm 

Financial Controller 

Director Designate 

c£30,000 + bonus + car + excellent benefits 


The Stendon group of companies is a major force In 
International healthcare markets, producing medical laboratory 
equipment for sale in over 100 countries and with a turnover of 
£40m this year, We now wish to appoint a Financial Controller 
for our UK company. 

Reporting to the Managing Director, you win have full 
responsibility for the whole financial operation and the 
development of the Accounts Department This wilt involve 
consolidation of group accounts, achieving cash flow targets, 
producing annual budgets, generating financial reports, and 
developing management information systems. 

Providing accurate analyses of historical and predictive fiscal 
data, your assessment of potential product and business trends 
will be crucial to our future growth, as will your evaluation of 

potential acquisitions. Equally Important is your role in 
assisting line managers meet their budget objectives by 
providing financial guidance and professional advice. 

A fully qualified accountant (C.I.MA), ideally laminar with 
Activity Based Costing, Cellular Manufacturing and T.Q.M., you 
will have significant practical experience in a manufacturing 
environment The ability to present financial information in a 
clear and meaningful manner would be a distinct advantage, 
together with man-management and interpersonal skISs. 

In addition to an attractive remuneration package we wifi 
finance relocation to the Cheshire area. 

Please write with lull details to: Allan Bash, Personnel 
Director, Sbarthra Scientific Ltd, Chadwick Read, Astmoor, 
Runcorn, Cheshire WA71PR. 







' Bonus + 0th<4* 

- Manufacturing industrial products with £50m turnover.inw internar*^ 

markets. t \ 

- High quality branded products with established market presence. I 

- Part of major international group. \ 


- Key member of the Management Team, ensuring continuing improvexn 

- Responsible for the finance] and management accounting function. I 
-Make a significant contribution towards development of management j 

information systems. 


- Qualified accountant, ideally aged between 32 and 40, with experience o 
manufacturing and sophisticated reporting systems. 

- Proven hands on style, man manager and team player. 

- Good inter-personal skills. commitment and commercial acumen. 

- Excellent career prospects within this UK group, with both financial and, 
management opportunities. 

Please write enclosing full curriculum vitae quoting reft 101 to: 

Nigel Hopkins FCA, London House, 

53-54 Haymarket, London SW1Y 4RP 
Tel: 071-839 4572 Fax: 071-925 2336 

E L H O P K I N S 1 



i "v p 5 1 i | 

, Si,- <t i ?'i| 

North London circa. £45,000 plus benefits 

An outstanding opportunity has arisen to Jena a subsidiary Board ot a 
highly successful housing developer who will achieve a foil market 
li s tin g in 1992. Good technical accounting skills will not be enough for 
this vital appointment. 

Reporting to the Group Finance 
Director, the successful candidate 
will be responsible for all the usual 
computer based statutory and 
management accounting require¬ 
ments, via a well qualified team. The 
key to success in this position will be 
the ability to operate effectively and 
very positively at subsidiary and 
m«rn Board level on both 
operational and strategic issues. 

Applications are invited from 
qualified accountants, likely age 

range 35 to 45, who can demonstrate 
the necessary communication skills 
coupled with a successful career to 
date within a fast moving, consumer 
sales oriented environment. 

Success will bring its own rewards 
and in order to encourage ap¬ 
propriate candidates to apply, the 
initial remuneration package is 
flexible and will include all the usual 
executive benefits as well as the 
opportunity to participate in the 

Kldsons Impey 
Search & Selection limited 
29 Pan Mall, London SW1Y5LP 
Telephone: 071-3*1 0336 

UK, France, Germans Italy; 
Czechoslovakia, Autrfa, 
Hungary and Po land 


Search A Selection United 
MarmtioiMJ Search Group 

In the first instance, 
please write or fax a fall 
curriculum, vitae, enclosing 
a daytime telephone number, 
quoting reference 399 
to Andrew Sales FCCA, 


c. £42,000 + car & benefits 

Our client is the Jersey subsidiary of a major U.K. based international banking 
group. Its main business lines cover several offshore locations and include 
banking, treasury, trust and fund administration and global custody. 

The Company is looking to recruit a senior finance specialist to join the 
executive management team. The role involves leading a growing and capable 
team in developing and controlling the financial aspects of the Offshore strategy 
at a time of real change. 

.Preferred candidates will be between 35 and 45, professionally qualified, with 
proven management experience outside the profession, ideally in the financial 
services sector. Good interpersonal skills and familiarity with computer-based 
Ml are essential features of the position. 

Candidates must also have Jersey residential qualifications. 

The attractive compensation package indudes a car, and benefits normally 
associated with a large banking group. Relocation assistance will be provided. 

This is a challenging, exciting and rewarding position. Please write in 
confidence to Stewart Walker at the address below. 

=S Ernst aYoung 

Chartered Accountants 
PO Box 621 
Le Callah Chambers 
54 Bath Street 
St Heller 
fenny IE4 8YO 



C £35K + Car 

Director of Finance 

This company is a successful and fast growing autonomous 
subsidiary of a UK PLC in the Print ana Packaging industry 
providing a high level of quality and service to customers. Due 
to promotion a commercially orientated accountant is sougjit to 
contribute significantly to the company’s future direction. 

Applicants should be Chartered Accountants with previous 
experience in a demanding industrial or commercial 
environment. Detailed knowledge of systems and spreadsheet 
applications is highly desirable. The ability to motivate and 
communicate is essential. 

Please write enclosing a full CV to 

Box A1877, 

Financial limes. 

One Southwark Bridge, 

London SE19HL. 

The Financial Times will be publishing the final examination 
results of the candidates that have qualified 
to join the Fellowship of the Institute of Actuaries 
on Friday 10th July 1992. 

To advertise career opportunities in the insurance 
and pension industries please call 
Richard Jones on 071-873-3460 

Project Accountant 
London £31,000 

•Leisure Sector 

* Fast Growth Business' 

Recently qualified accountant with 2/3 yean 
commercial experience Is required to handle major 
aspects of group financial planning and reporting. 
Staff management experience is essential, as is a 
high level of computer awareness (mainframes and 


Please contact Rppa Curtis, quoting reference 

Finance Director 
Home Counties 
Circa £40,000 + Car 

* International Croup 

* Commercial Flair 

• A pro active finance person with overseas 
experience and a Bhiectaip company background is 
needed by this expanding company. The role 
involves reviewing the company’s business {dans and 
systems, and leading the development of tbe group’s 
financial pod Don. 

Please contact Deborah Sheny, quoting reference 

EDP Auditor 
Home Counties 
£30,000 + Car + Benefits 

* International 
•Excellent Prospects 

This major manufacturer of foodstuffs is 
recruiting a computer auditor to work on the 
company’s operational and financial systems. There 
will be significant travel to other European offices, 
k Likely candidates will be qualified accountants, 
lideally with IBM mainframe and IBM compatible PC 

Please contact JJx Osborne, quoting r ef erence 

Management Accountant 
l . City £27,000 

\ * Growth retail bank 

\ * Variety of products 

Vecendy qualified accountant with financial 
, .cws experience either from public practice or. 
v Vy is required for this analytical,’ reporting role, 

’ m the treasury function. 

Vse contact Joe Thomas, q uo tin g re f e r enc e 

A Operational Review 
Wei Orientated Flexible 

-4 Recently Qualified Accountant. . 

■ A Retail Sector-" 

Jent opportunity to join a blue chip retail 
_ja high profile audit role. Candidates 
approach to deal with commercial 
Aid senior managers. 

Peter Green, quo ting re fe rence 

aimin g Manager 
C£30,000 + Car 

ent Career Opportunities 

organisation requires a 

backerouri ot ***** ° r S e com P ari y 
m was and liaison at a senior level. 

WHHA works closely with 13 local 
authorities to provide a wide range of 
housing initiatives, managing over 1000 
units in London. In order to assist with 
the rapid growth and diversity of the development programme, 
the association fa now seeking to appoint a 

Head of Financial Services/ 
Company Secretary 

London NW6 

c. £36,000 

You will have 3 years post qualification experience and proven 
managerial ability with die vision to lead the department through a 
period of growth and innovation. This will include the demonstrable 
ability to produce the information needed to facilitate and control a 
multi-million L development programme. 

In return we offer 

* 25 days leave rising to 30 days with accrued service; 

* 10% contributions to final salary pension scheme; 

* Side child leave; * Restricted smoking offices! 

* Flexitime. 

Professional accountants wishing to work for and promote 
social housing should phone 071-626 6330 (24hr answerphone) 
for an application form and information pack; or write to the 
Personnel Section, WHHA, 2 Grangeway, London NW6 2BW. 

Please note that CVs will not be considered. 

Applications should reach us by Friday 3rd July (12 midday). 

Interview dates: 10th July 1992 21 st July 1992. 

WHHA is working towards Equal Opportunities and welcomes 
applications from all sections of the community. 


Audit Mana g ers 


British Airways, the world’s favourite a world in itself - a huge and diverse 

operation, encompassing so many cfihfct&lglplas of business that it ran realistically be 

British Airways, the world’s favourite airiu 
operation, encompassing so many 
described as a microcosm of indusrrw^^^ 

Can you imagine jhc scope, 

at such an environment offers to a first- 

combined to 
the profitabilit 

You are like® 
ready to dRS 

E competitive 
ndard normal] 

y, you will be functioning at both the heart and 
f&nducting audits across the airline's network. The 
sidcrablc contact with senior management .aud F< 
ng, and calls for solid, technical auditing skills, 
and mental-dexterity necessary to improve 
lllp^ridwidc business."' . 

Hi drills with a major accountancy firm, and be 
|||j5 in this role before moving on to management 

Hi can look forward to a generous benefits 
with a major, progressive employer. 

exacting standards, write with your cv and 
your suitability, ui your letter we’d like ’ 



TW5 9* 

'nfidcnc that you ’ran exacting standards, write with your cv and 

_y and tell us why. To h^^^^css your, suitability, in your letter we’d like 
wer thcfoltowirig question'^^^^ kind of special audirprobierm might you- 
in our business? * ... " 

f quoting reference MGS 2209§piould be sent to: Melanie Grant-Stcvcm. 
Manager, British Airways plFf Mcadowbank, PO Box 59, Hounslow 

British Airways 



f liaison at a senior level 
i Sherry, quoting r e f erence 

£45,000 + Car 

London, Manchester, Birmingham or Glasgow 

The primary function of .this Partner level appointment is 
to take charge of all professional services of the firm, to 
review them continuously and develop them commercially. 

High calibre! 
MBA, with at leaT 
role in financial f 
restructuring, pnf 
cost reduction. Ti 
Contact Ian Tc 

1 Services 
: level input 

qualified accountant or 
rs PQE in a non-routine 
i required for business 
jvement, efficiency and 

Hooting re f e r ence 

rh SCnd their CV* w 

. WQ-RONSorE* 

0718369501. ^onc number n 

Not ft role for a career technocrat 
therefore, but for an action oriented 
Chartered Accountant The successful 
candi da te may be an ambitious Manager 
on the threshold of partnership or a 
more seasoned professional used to 
“m aking thing n happen". From either 
stable, the task will be to direct & 
manage the organisation & review 
process to gain optimum advantage from 
tbe collection of skills available both 
within and outside the 40 practice offices 
of the firm. 

Reporting to the National Managing 
Partner, strong authoritative advice 
will be provided working alongside the 
other National Directors of Finance, 
Marketing, IT and Administration. 

Proven expertise In several, but 
not all, of tile 7 professional areas will 

be required viz Human Resources, 
Training, Taxation, Insolvency, Audit/ 
Accountancy, Compliance and TQM. 

The compensation package is negotiable 
and of partnership status. Please send 
your curriculum vitae with a one page 
covering letter explaining your vision 
of how the above can be achieved to 
Peter Willingham, Managing Director 
of our Search & Selection Company at 
29 Pall Mall, London SW1Y 5LP. 

No information will be passed on to 
the main accounting practice without 
express permission. 



Chartered Accountants 


CO l-42ft 7744 
041426 3101 

061436 IBS 

Group Financial Accountant 


Equities InW nt 

Senior investment manager (41), L ^ ^ 
performing unit trusts (sold off by ^ 
fnnda, wonld like to hear Cram invl compmira who 
may have a suitable positkffl at presen 

Economics graduate, strong grcL investment 
reseatcli. main speciality in U.K. «L, ^ good 
knowledge of other western equity nl ^ winfT , 
sectors in general. \ 

Write to: Box No A1835, Financial TtX g out f nwr ^ 
Bridge, London SE19HL . 1 

Weybridge, Surrey to £30,000 

The TT Group is a successful acquisitive group engaged in a wide range 
of manufacturing activities worldwide with a turnover of £150m. Our success 
is founded on strong financial controls, a decisive management style and a 
high degree of autonomy (breach individual business unit 

To prepare for the next stage of growth, the Group Finance Director seeks to 
appoint a group financial accountant to assist with the collection, interpretation 
and presentation of a wide range of financial information bn afimety baas. 

Asa key member of a small head office team, this wide ranging role wit! appeal to 
committed accountants in their late twenties, ACA qualified with some previous 
experience at group/divisional level within industry Key attributes will include an- 
energetic and positive attitude and an ability to cope with change within an 
exciting dynamic group. Career prospects are excellent 

Please reply with full career details to: 

M. R. Eke, Group Finance Director, 
rr group plc 

Clive House, 12-18 Queens Road, 

Weybridge, Surrey KT13 9XB 



I case will be heard in UK 


^ andanother 
Q ueen’s Bench Division 

(Commercial Court): 

B4r Justice Hirsfc 
. ■•■■■' Juries 1992 ' 

AN-. ENGLISH jurisdiction 
danse i n the T tiles of a P & I 
dob constitutes an agreement 
between the dub, anil its inem- 
ijbers to which the' court, will 
f give effect unless there Is good 
reason for not keeping the par¬ 
ties to their bargain; and 
where proceedings are begun 
in a competing Jurisdiction, an 
English choice of law danse in 
the elnb rules is a significant 
factor .in- favour of England as 
the appropriate forum. 

tdr Justice Hirst so hnid when 
fefusmg an application, by the 
defendants, Mr Edmund A 
Gann and Caribbean Marine 
Services Go foe (CMS), to set 
aside Mr Justice Evan's order 
granting the plaintiff oinh. the 
Standard Steamship. Owners’ 
Protection and Indemnity 
Association (Bermuda) Ltd, 
leave to serve the proceedings 
oh the defendants out of the 

HIS LORDSHIP said that the 
club was a shipowners’ mutual 
assurance association, which 
issued and provided insurance 
on the basis of its rules from 
year to year. 

Its claim, amounting to more 
than $l.8m, was for loss and/or 
damages arising from non-pay¬ 
ment of supplementary calls 
and relief calls. 

It submitted those sums 
were due from the 
It alleged they were parties to 
the insurance policy: The 
defendants', case was that the 
parties to the policy were not 
the defendants, but individual 
shipowning corporations. 

Mr Gann was a US citizen 
resident in San Diego Calif¬ 
ornia. CMS was a Californian 
pompany based in San Diego. 

Mr Gann was beneficially 
interested in a number of indi¬ 
vidual corporations which 
owned vessels engaged in tuna 
fishing off the west coast of the 
US, managed by CMS. The 
defendants alleged those com¬ 
panies were the assured. 

Reference to the “defen¬ 
dants" was without prejudice 
to that point - 

■ From 1983 onwards the 
■defendants’ P & I risk business 
was insured by the club, fol¬ 
lowing an approach from 
Lloyd's placing brokers 
instructed on the defexdants’ 
part by San Diego brokers. 

From 1987 the club made a 
number of supplementary 
on members. Alto the defen¬ 
dants sold a number of their 
vessels and as a-result the club 
claimed release calls in respect 
of the cessations. ' 

The claims were resisted by 
the defendants on various 
grounds, including the ground 
that the insurance was on a 
fixed premium basis, and that 
the dub was not entitled to 
require them to meet supple¬ 
mentary or release ftaiis 
It was the defendants’ case 
that in relation to that ground 
the dub was unable to sustain 
an arguable case sufficient to 
justify maintenance of the 
. order for 'service out of the 
jurisdiction. If they failed on 
that point, they submitted that 
San Diego, not London, was 
the forum conveniens [appropri¬ 
ate foruml for the proceedings. 

Rule 2(2) of the dub rules 
provided that “these rules and 
any contract of Insurance 
between the association and an 
owner shall be governed by 
and construed in accordance 
with En glish law”. 

Rule 32(1) provided “the 
owner hereby submits to the 
jurisdiction of the High Court 
of Justice in England". 

Mr Bueno tor the defendants 
submitted that the burden was 
on the dub to persuade the 
court to reach a tentative con¬ 
clusion that it had a good argu¬ 
able case. He was probably 
right. (See The Otib [1991i 2 
Lloyd 's Rep 108; Overseas 
Union Insurance v Incorporated 
General Insurance, FT. Decem¬ 
ber 41991.) 

A telex dated November 17 
1983 from the club to the defen¬ 
dants, stated “it is not possible 
tor us to offer owners a fixed 
premium quote*. 

The club had demonstrated a 
good arguable case on the mer¬ 
its on this point 
Mr Bueno contended that the 
burden of proof was. on the. 
dub to satisfy the court that 
En gland was clearly and dis¬ 
tinctly the appropriate forum 
for trial of the action, relying 
on SpiUdia [.1987] AC 460. 

Were it not for the defen¬ 
dants'- submission to the juris¬ 
diction, that would be correct 
Rut the authorities plainly 

established that the court 
would give effect to the juris¬ 
diction clause, though still 
retaining a discretion to grant 
a stay if the defendants could 
show strong reasons against 
holding the parties to their bar¬ 
gain (Chaparral [1968] 2 Lloyd’s 
Rep 158; El Amria [1981/ 2 
Lloyd's Rep 119). 

Mr Bueno invited the court 
to disregard or at least to 
attach very small weight to the 
jurisdiction clause, and argued 
it was one-sided. 

That submission was unac¬ 
ceptable in relation to a clause 
drafted in standard form typi¬ 
cal of the rules of P & I Clubs 
generally, where the member 
was both insurer and insured. 

Approximately three months 
after issue of the writ the two 
defendants together with all 
the individual vessel-owning 
corporations, issued proceed¬ 
ings in San Diego against the 
club, its management compa¬ 
nies, and a number of other 
defendants including individu¬ 
als who were executives in var¬ 
ious broking firms. 

They sought declarations 
that they were not liable for 
the supplemental and release 
calls. Against the club and its 
managers, they sought dam¬ 
ages for fraudulent misrepre¬ 
sentation; and against the bro¬ 
kers, damages for fraudulent 
or negligent misrepresentation, 
and for breach of duty. 

Mr Bueno submitted that the 
centre of gravity of the dispute 
was San Diego. He said the dis¬ 
putes must be looked at as a 
whole, and it was essential 
that they should all be tried in 
one action to avoid the risk of 
inconsistent decisions. 

For that purpose, be submit¬ 
ted that the San Diego action, 
in which the parties involved 
in all aspects of the dispute 
had already been joined, was 
the appropriate forum. 

He submitted that the 
English choice of law clause 
should be given little or no 
weight, since there were no dif¬ 
ficult issues of English law 
which would appropriately be 
reserved for decision by an 
English court. He said the 
main area of dispute would be 
on issues of feet 
That was not accepted. 
Serious questions of law 
would arise as to the relation¬ 
ship of principal, agent and 
sub-agent ois-d-ois the club. 
Those questions would turn on 
issues of principle and con¬ 
struction of documents. 

Construction of the docu¬ 
mentary material was, as the 
authorities plainly showed (see 
The Magnum [1989/ l Lloyd's 
Rep 47. ft), best undertaken by 
the F,ng liHh courts employing 
English law canons of con¬ 
struction. If the task were 
undertaken in San Diego the 
court, in applying English law, 
would need to rely on the 
expert evidence of English law¬ 
yers brought to California at 
considerable expense. That was 
a serious disadvantage. 

Tire English choice of law 
clause was a significant consid¬ 
eration in favour of English 

The centre of gravity of the 
case was in London, not Calif¬ 
ornia. because; 

CO On all main issues the cru¬ 
cial point of contact was in 
London between London bro¬ 
kers and the club. The wit¬ 
nesses relevant to those 
aspects were in London and 
the relevant documents would 
mainly be In London. 

(ii) The defendants’ claims 
against third parties, which 
were by no means all London 
based, would only arise if the 
club succeeded in its claim. 

(iii) It seemed likely that the 
number of witnesses for each 
jurisdiction would be evenly 
balanced, and that the prepon¬ 
derance of documents would be 
in London. 

The crucial point was the 
risk of inconsistent decisions, 
which the court must strive 
earnestly to avoid (El Amria). 

There should be no diffi¬ 
culty, if the defendants chose 
to do so. in their joining the US 
third parties in the English 
proceedings as necessary and 
proper parties. 

The present action was in 
being for a considerable period 
before the defendants launched 
their San Diego proceedings, 
and it was their decision to sue 
in San Diego which created the 
possibility of a conflict 
Those considerations, cou¬ 
pled with the conclusions that 
English choice of law and the 
English centre of gravity 
strongly favoured proceedings 
in England, led to the conclu¬ 
sion that the appropriate- 
forum was London. 

For the club: Jonathan Gais- 
man (Richards Butler). 

For the defendants: Antonio 
Bueno QC and Robert Bright 
(HUl Taylor Dickinson). 

Rachel Paries 


CICM forms part of the global network for portfolio management of 
Commerebank. one of Germany's leading banks. Our clients are 
institutional investors, for whom we manage international stock and 
bond portfolios. Our investment approach is based on the concept of 
Mddem Portfolio Theory. Subsidiaries in New York. Tokyo, and Dublin 
make our business climate purely international. 

For our Portfolio Strategy team in Frankfurt we are looking for an 


who will be responsible for commenting on international capital market 
developments in the company's regular publications. Developing and 
implementing investment strategies would complement the task. 

If you have a degree in Economics, strong English writing and presen¬ 
tational skills, as well as experience in dealing with empirical capital 
market questions or econometrics, you would ideally match our profile. 
Knowledge of German would be helpful, but is not necessary. 

Professional outlooks for this internationally oriented job based in the 
expanding economy of Germany can be considered excellent. If you 
are interested you may address your application to 

Commerz International Capital Management GmbH. Peter Koenig, 

P.O. Box 10 05 05,6000 Frankfurt a. M., Germany.Tel. 69/719122-81 



A major international broking firm is seeking a Chief 
Financial Officer. The ideal candidate will have experience 
In a9 phases of broking including financial reporting and 
controls, regulatory aspects along with general 
administrative skills. Salary and benefits commensurate 
with experience. 

Please send CVS to Box A1875. RnandafTfmes, 

One Southwark Bridge, London SE19HL 


Market News Service 

Aleadh* provider of capital markets new* over the Telerale Network, is 
expanding its Undoo operation. We tie recking Womution <****** 
pro&stieittb whir a minimum of 2 yews sales experience. The omdjdau: 
woutf-teaeif-motivated with a record of successful job performance. A 
financial undemanding of. the global financial markets is essential, 
particuiady; Futca focoroc and Currency. Fluency m at leantwo European 
Languages is denrabte. Apply to the Director. Sales, by telephone or fax: 
Teh I Olffi-212-6087ICO; Fax; # 0101-212-3850028 



Wo seek an individual with an interest in Asia to service 
an existing client base in toe UK and help develop a 
number of selected clients in toe UK and USA , 

You would be working with a specialist team based in 
I Bangkok and Hong Kong which has a unique product 
that has found acceptance with major investing 
institutions. You would be expected to be involved in 
developing quality investment ideas as well as working 
with dealers at other London houses to execute foreign 
board business. 

Applicants should write in confidence to: 

Georgina Saddington 

Marlin Ord Minnett Limited 
One College HID 
London, EC4R 2RA 
FAX; (071) SSI 8681 







London — 2 & 3 September 1992 

The Financial Times conference to be arranged before the Famborough 

International Air Show. 

Issues to be discussed: 

* The extensive restructuring of the world aerospace and airline 

* The Single European Market in air transport and its implications 
in the globalisation process 

* How the defence industry is adapting to a new environment of 
defence procurement 

* The new structures of financing aircraft 

Speakers include: 

The Honourable Jeffrey N Shane 

US Department of Transportation 

Mr Giovanni Bisignani 

European Airlines Association 

Sir John Egan 

BAA pic 

Mr Thomas M Culligan 

McDonnell Douglas Corporation 

Mr Adam Brown 

Airbus Industrie 

The Rt Hon Christopher Chataway 

Civil Aviation Authority 

Sir Colin Marshall 

British Airways 

Mr Richard R Albrecht 

Boeing Commercial Airplane Group 

Mr John Weston 

British Aerospace Defence Limited 

Mr Brian H Rowe 

GE Aircraft Engines 


Financial Times Conference Organisation 

126 Jerniyn Street, London SW1Y 4UJ 

1M: 071-925 2323. The 27347 FTCONFG. Fare 071-925 2125 

□ Please send me conference details 

□ I am interested in exhibiting at the conference 




Position _ 




Type of Business 


ouismess ra.naiysit 

Central London c£25,000 

Oar client, a major service Industry Pic. require an Anaij» to 
join their Strategic Development Department, currcnlly evaluating 
opportunities in the Kiddle fast and Mediteranean. 

The work inchidea desk based research, analysis, and field 
evaluation of hotel and restaurant properties and companies. 

Candidates male or female, must bo MBA’s in their 20s, with 
appropriate language fluency, knowledge of Ihc culture and 
business practices of the area and have proven analytical ability. 

Please apply to us in complete confidence, with a fell CVat 
Bacombe Rise, Htesborough Road, Wendover, Bucks. IIP22 6EL 
The cloriog dale for applications is June 30th 1992. 



The Qty office of a leading Middle East Bank seeks to reczuiL a Project 
F ina nce Manager. AnA-CLB. qnafificaTinn or equivalent hi dcanabto. 

The successful candidate should have a minim a m of 2 yean direct 
experience in mediam term project finance covering entire projects, 
primarily with UK contractors. Direct exposure to craft agendas such 
as BCGD, SACE and COPACE is essential. In addition, a detailed 
knowledge of trade finance products is deniable. An ^tractive package 
is available to the successful candidate. 

All application; to be made by Irt My 1992. will be treated in strictest 
co nfid e nc e. 

Please reply with copy of CV to; 

Box A1873, financial Times. One S o o th wmk Bridge, London SE19HL 

Corresponding with the expansion of their trading divuioa, our client, an 
internationally operating Swiss company, specializing in countertrade . 
transactions with GJ.S. countries, seeks a dynamic, flexible 


with multi-annual proven experience in the field of hKematiooal coal trade. 

a great sense of responsibility, the position demands negotiating 
qualities as well as the capability to work effidendy within a small team of 
The applicant should be willing to perform extensive travelling 
and ought to speak English and German fluently. Adtfiooaa l knowledge of 
Russian and/or other European languages is welcome. 

Tbc which reports directly to tbc trading divisions management, 

often excellent career opportunities. 

please send your application letter together with supporting documents to 
HTW, P.O. Box 783, 8065 Zorich TMC, Switzerland, attention Mr M. 


Renaissance Software is a dynamic young company based in Silicon 
Valley. We are growing quickly « fee strength of oar technology, 
which has captured the attention of the dermoives world. As such we 
are actively recruiting experienced traders or risk managers in swaps 
and derivatives to baQd oar important European operation in London. 
These individuals will pity a key role in showing otiicr trader* wbo are 
poKtirwiI customers the power of this technology as a trading platform 
and financial engineering uxd, while providing oar sales force wife 
global strategic marketing advice. 

Please mail or lax CV to: David While, Dir. HR, 33 Whitehall Street, 
NY, NY 10004, USA. Fax: 212 344 7039. Principals only please. 



experienced professional to assume an important 
advisory rote in the development of strategies, pofides 
and programs to Strengthen internal communications. 
The pomfan is being established si a time when fee 
Fund Is lacing new. major challenges, barfing to a 
particular need for effective internal communlcalions on 
broad organizational goals and objectives as well as 
adm i nfab a tive and personnel matters. 


The lesponaMbas wfll range 

(ram development of strategy to technical support for 
speafic written and oral communications efforts. One 
primary duly is to support the communications from 
senior management and another one is to provide tech¬ 
nical advice on Ihe use of written oommunicatjona in the 
administiative area. The incumbent must be able to wotk 
independently and take appropriate ntialEves, wMe el 
the same tens working effectively wffh senior trfticbb 
across fee organization. 

A graduate degree in a rebvart field b expected, bid fee 
emphasis is on expertise in the communications area, 
inobxfing wfestantial experience to a function simiar to 
that described above, from a major rmJtmational corpo¬ 
ration, international institution or government agency. A 
strong command of written and oral BifAto b requead, 
and fee cantfidato must be hfly conversant w*h fee 
appScation of modem technofagy to fee Werral commu¬ 
nications area. 

The appointment wS WtiaSy be for 2 yean. Attractive 
wodang condbons and compensation package, wife 
salary commensurate with the candidate's 
sdajround. Send delated resume tix Comnuancahons 
dvisor, Recruitment Division, INTERNATIONAL 
MONETARY FUND, 700 19th Street, N.W.. 
Washington, D.C. 20431 (U^A.). Facsimile (202) 




Then Got Mo On Your Toam 

Spanish national with understanding of the business opportunities 
abounding witNn the EC wants to Join an ambitious team involved in 
Corporate Finance. I have fpaduatad In Investments & Finance from 
Dubln CHy tW«w«y and can ato often 

• Fluency In ^oanfah, Entflsh and French 

• Experience In International Trading and finance 

‘ Special Interest In M&A, IBO 1 *, Flotations and Reconstructions 

• Comp ut er Werocy 

■ Commitment ond enttxatasm 

1 beSeve I can help you succeed In Spain. If you want a winner on your 
team contact: 

Alain Araw. Sabfno de Arana 40, Barcelona 06028 

Ph: 34-3-3309537. Fax: 34-33019036 I 


We seek a dynamic and experienced MBO Professional as 
Managing Daeclor erf MBO consdftancy which has a paticular 
orientation to toe sponsorship of Management Buy Ins. 

Remuneration- Coca £50,000 jwl. plus equity participation. 
Please opjdy in confidence enclosing detailed C.V. to: 
Box A196&. Financial Tunes. One Southwark Bridge. 


fiacrencd in joining a young, 
dynamic publishing company as a 

Initiative Europe Is four years old, 
has four employees - and urgently 
needs* fifth. 

Please all fill Hornsby at ATS Quest 
on 0737 770013 for appiicauon form, 
dosing daw 10 fitly 1992 

Austrian Sales and Marketing 
specialist is looking fora 
new challenge: 

- 8 yean experience in tourism in 

Europe and USA 

- currently President/Sales 
Manager of a food company in 

Far fun daunt write In Publlcllas 
Swltxariaad, S M3412997, 

F.O. Box, 4818 Basel 



Rubber growers agree to Producers 

work towards free market . 

Grenada hopes to revive nutmeg cartel 

Canute James reports on plans to give price support another try 

By Kforan Cooke lit Singapore 

have agreed for the first time 
to work towards a new, open 
market system, with the possi¬ 
bility of International prices 
being set through a centralised 
exchange in Singapore. 

At the end of a three-day 
meeting here members of the 
the Association of Natural 
Rubber Producing Countries 
agreed to "develop and foster 
one centralised open market in 
the rubber producing region". 
The producers' association, 
formed in 1970, groups Malay¬ 
sia, Indonesia, Thailand, Papua 
New Guinea, Sri Lanka, India 
and Singapore which between 
tfrpm supply more than SO per 
cent of natural rubber. 

At present more than 70 per 
cent of the world natural rub¬ 
ber trade is carried out 
through direct private party to 
party deals between planta¬ 
tions or smallholder groups 
and the mam consumer compa¬ 
nies, mainly the tyre manufac¬ 
turers. Producer countries, 
frustrated by a prolonged 
period of low prices, had said 
in the past that the system was 
unfair and had suggested the 
formation of a rubber produc¬ 
ers' cartel In order to gain 
higher prices. 

Mr Ahmad Farouk, chairman 
of the Malaysian Rubber 
Research and Development 
Board, said what was signifi¬ 
cant about the Singapore meet¬ 
ing was that consumers’ repre¬ 
sentatives were now 

Rubber output in Indonesia, the world’s second largest producer, 
is expected to fall by between 10 and W per cent in the first half 
of 1992 because of to poor weather and low prices, a sailor 
industry official said yesterday, reports Reuter from Singapore. 

“The government estimated that production will fell 10 per 
cent during the first semester (January-Jone) but our own esti¬ 
mate is about 12 per cent,” said Mr Asril Satan Amir, vice-chair¬ 
man of the Rubber Association of Indonesia (Gepkjndo). 

He said first half output was forecast to fell by between 60,000 
and 72,000 tonnes from the 600,000 tonnes last year. Indonesia's 
total 1992 output is expected to fell to about 1.1m tonnes from 
iJhn tonnes in 1991, he added. 

pact push 

By David Blackwell 

expressing a willingness to 
work towards a more open rub¬ 
ber trading system. 

"What the big tyre compa¬ 
nies want more than anything 
else is security of supply. In. 
the short term they might gain 
by cheaper, direct deals with 
certain producers. But they 
also realise that the there 
could be supply problems in 
the years ahead. Some produc¬ 
ers, like Malaysia, are either 
turning to what are considered 
to be more profitable crops like . 
palm oil or are industrialising 
fast, with the result that less 
rubber is being produced. 
Another problem feeing Malay 
sian rubber producers is a seri¬ 
ous shortage of labour,” said 
Ur Parouk. 

Malaysia, for many years the 
world’s biggest rubber pro¬ 
ducer, saw its production last 
year decline by 3.4 per cent 
Thailand is now top of the 
world rubber production table. 

Mr Farouk said that there 
was general agreement at the 
meeting that the direct trading 
system had produced consider¬ 

able. distortions to the market 
“The volume of direct trade 
reduced liquidity in the mar¬ 
ket We are all agreed that nat¬ 
ural rubber stUl has bright 
prospects, in the long terjn. But 
we must have a more transpar¬ 
ent. pricing system,” said Mr 

The meeting here set up a 
committee to examine bow 
Kuala Lumpur, ftangknk and 
Jakarta, which have physical 
markets, could link up with 
Singapore to develop a proper 
rubber international futures 
market. *Tt Is important that 
the futures market is linked to 
the producing countries so the 
cost of production can be ade¬ 
quately reflected in the market 
price,” said Mr Farouk. 

The committee will also 
pTamiTie ways of pricing natu¬ 
ral rubber as an industrial 
product, rather than a com¬ 
modity, on the international 
market. Mr Farouk said that a 
final decision on setting up the 
new market system would, 
probably be taken later this 

S African coal prices give ‘barely 
adequate’ return on investment 

By Philip Gawith in 

CONTRACT PRICE levels for 
coal are barely adequate at 
present to offer South African 
producers a return on existing 
investments, never mind 
encourage new investment, 
says Mr Allen Cook, chief exec¬ 
utive of Randcoal, South 
Africa's second largest pro¬ 

Speaking at a recent confer¬ 
ence in Australia, Mr Cook 
said although international 
demand for Soutb African coal 
would continue to rise in 
future years, there were two 
major points of concern for the 
local industry. The first con¬ 
cerns the high rate of cost 
escalation in recent years, 
which is eroding South Africa's 
competitive position. This is a 
function of increased wage 
demands, rising transport costs 
and continuing inflation of 
about 15 per cent 

Mr Cook said there was a 

significant drive in the indus¬ 
try to lower costs by Improving 
productivity. Agreement has 
also been reached with Spoor- 
net the state rail company, to 
peg rail freight costs on the 
fine to the Richards Bay export 
port to tin next few years at 
about half the infla tion level 
The second issue is that 
“current market conditions, 
recent price history and some 
buyers’ attitudes to pricing” 
militate against further invest¬ 
ment. Mr Cook said a buyers 
market had existed for a num¬ 
ber of years, with the real price 
for coal declining to all major 
currencies. The cost squeeze 
on producers has led to a num¬ 
ber of mine closures which, in 
the medium term, will be detri¬ 
mental to the continued secure 
supplies of coal from major 
producing companies,” said Mr 
Cook. He added that it was in 
the interest of all parties that a 
“reasonable” price level should 
be set that encouraged future 
investment in coaL 

' South Africa has port capac¬ 
ity to export 53m tonnes a 
year. Fob contract prices 
would have to rise by between 
$5 and $£8 a tonne to make 
projects, to expand, capacity 
beyond this point viable, said 
Mr Cook. * 

Coal is South Africa's second 
largest export earner after 
gold. Last year the country 
earned RA2bn (£630ra) from 
exporting 4&£m tonnes of coal 
Mr Cook said that with sanc¬ 
tions gone, large potential new 
markets were opening up, par¬ 
ticularly in Japan, Korea, Den¬ 
mark, France, Holland, UK and 
US. He said that Western 
Europe had regained its posi¬ 
tion as the main destination 
for South African exports. Mr 
Cook said Europe remained a 
major growth market for Soutb 
African coal that was price 
competitive, “particularly if 
the price of coal from current 
low-price producers In CIS and 
Poland begins to reflect the 
actual cost of production”. 

countries will meet tomorrow 
and Sunday to London to try 
to tighten up their plans for a 
new international coffee agree¬ 
ment before meeting consum¬ 
ers next week. 

The proposals agreed at a 
meeting of producers late last 
month were described by one 
anaylst as “deliberately 
vague”. They envisaged a 
global export quota of about 
62m bags (60 kg each), incor¬ 
porating selectivity between 
different types of coffee and 
shared out between producing 
countries on the basis of 
export performance in the free 
market since the collapse of 
export quotas to July 1989. 

Mr Nestor Osorio, Colom¬ 
bian delegate to the Interna¬ 
tional Coffee Organisation, 
said yesterday that with prices 
at 20-year lows there was 
urgent need for market regula¬ 
tion. “Producers are com¬ 
pletely committed - we shall 
be trying over the weekend to 
agree concrete proposals to 
take before the consumers.” 

Among the problems the 
producers will be trying to 
untangle axe quota allocation 
and a viable control system. 

Colombia, the second biggest 
coffee producer after Brazil, 
has been the main driving 
force behind moves towards a 
renewed pact. Mr Osorio 
believes if the political will is 
there, movement towards a 
Hew agreement could be quick. 
"I flrinfc we have already lost a 
lot of time.” 

Con s u m ers do not appear to 
be in so much of a hurry. Mr 
Lawrence Eagles, analyst with 
GNI, the London futures bro¬ 
ker, points out that the will¬ 
ingness of the US, the biggest 
consumer, to tolerate an agree¬ 
ment Is based on solely on the 
poUttetf motive of fighting the 
Colombian drug barons. 

case they may not 
agree to such a low overall 
quota aa 62m hags, which is 
10m bags below consumption 
and would force then to draw 
down their stocks. 

Market observers are not 
optinristtp.Xast week Mr Mark 
iXtamas^mSmagiiig. director -of 
ED & F. Man, the big Loudon 
trade house} told a coffee con¬ 
ference: “My personal view is 
that unfortunately there will 
not be a new agreement with 
powers to control the market”. 

The Economist Intelligence 
Unit said. yesterday in its 
World Commodity Forecasts 
that it did not believe the pro¬ 
ducers will succeed in their 
aim of activating a new agree¬ 
ment from October as the 
issues are too complex. 

T HE WORLD'S two larg¬ 
est nutmeg producers 
are contemplating the 
destruction of about 10,000 
tonnes of stocks as part of an 
effort to stiffen the market and 
Improve prices. The destruc¬ 
tion of the stocks, held by 
Indonesia and Grenada, wOl be 
discussed by both countries in 
a few weeks when the Grena¬ 
dians will attempt to interest 
the Indonesians in the recre¬ 
ation of the nutmeg cartel that 
collapsed two years ago. 

The producers will also 
attempt to cut commodity bro¬ 
kers out of the industry, and 
try to market directly to con¬ 

“The stocks which both 
countries have are a liability 
and not an asset, and they are 
j depressing prices,” said Mr 
' Denis Noel Grenada's Junior 
minister of foreign affairs. “We 
wiQ consider using the strat¬ 
egy of major coffee producers, 
which is to destroy some of the 
stocks. But any destruction 
will have to be done jointly.” 

Indonesia produces 75 per 
cent of the world's nutmeg and 
Grenada 23 per cent World 
production is about 12,000 
tonnes a year at present, while 
annual demand is for only 
9,000 tonnes, according to Mr 

The co-operation that the 
Grenadians are seeking will be 
outlined to the Indonesian pro¬ 
ducers when a high-level gov¬ 
ernment delegation from the 
eastern Caribbean Island visits 
Jakarta. Getting agreement on 

the destruction of the stocks is 
one aspect of Grenadian plans 
to resurrect the cartel which 
foundered on changes in the 
Indonesian government's eco¬ 
nomic policy involving exten¬ 
sive deregulation of the econ¬ 

The subsequent removal of 
controls on the volumes put on 
the market has sent prices 
down. In 1986, before the cartel 
was established, the world 
price for nutmeg was about 

US$1,000 a tonne. The market¬ 
ing pact, in which both coun¬ 
tries set minimum prices for 
the nut, led to an increase to 
about $7,000 a tonne. Accord¬ 
ing to Mr Noel prices are now 
about $2,000 a tonne. 

In preparing the ground for 
closer collaboration, Grenada 
and Indonesia recently estab¬ 
lished diplomatic relations. But 
Indonesian officials, saying 
they wanted to see what pro¬ 
posals the Grenadians will be 
making before commentin g on 
their own position, have indi¬ 
cated that even if it is revival 
the marketing agreement will 
not be similar to the cartel that 
existed before. 

“In a deregulated economy 
where market forces are at 
play, it is out of place for us to 
embrace any mechanism 
which seeks to control the 
market and to fix prices,” one 
official explained. 

Strengthening the market is 
more important for Grenada 
than it is for Indonesia. Nut¬ 
meg Is a significant foreign 
currency earner for the Carib¬ 

bean Island but represents only 
a part of a larger spice indus¬ 
try In Indonesia. “The nutmeg 
industry represents the major 
foreign currency earner for 
Grenada,” confirmed Mr NoeL 

When the Indonesian produc¬ 
ers group, Aspin. and its Gre¬ 
nadian counterpart, the GCNA, 
signed the agreement creating 
the cartel, there were quick 
and significant benefits for the 
Caribbean island. Earnings 
from exports in 1986 were 
SL85m, but the following year 
Grenadian farmers received 
25.55m in surplus payments. 

Under the agreement creat¬ 
ing the cartel the Indonesian 
producers undertook to sell 
their high quality nutmeg at 
between $6,800 and $7,000 a 
tonne and low quality at 
between $ 1,000 and $1,200 a 
tonne. For their part, the Gre¬ 
nadians committed themselves 
to minimum prices of $6,650 a 
tonne for their best nutmeg 
and $5,575 a tonne for poorer 

Indonesia's high quality 
mace, the red lacy substance 
that surrounds nutmeg, had a 
minimum price Of $13,500 a 
tonne, with low quality not 
being sold below $6,000 a 
tonne. The Grenadians agreed 
not to accept less than $11,750 
a tonne for their premium 
mace or $5,750 for the second¬ 
ary product 

The two producers' groups 
also agreed to control the vol¬ 
ume of nutmeg and mace 
placed on the market in order 
to maintain price stability. The 

agreed volumes were deter¬ 
mined on the basis of average 
production and stocks held by 
both. Grenada’s stocks readied 
5,500 tonnes, with Indonesia's 
at 4,000 tonnes, said Mr Noel 

The cartel bad a short Hfe. 
By 1989 Grenadians were acc¬ 
using the Indonesians of reneg¬ 
ing on the pact by selling nut¬ 
meg and mace below the 
minimum prices. 

An attempt to repair the 
damage had seemed to be sue-, 
cessful.. with Indonesian and' 
Grenadian officials agreeing to 
restore the cartel's pricing pol¬ 
icy, the Indonesians undertak¬ 
ing to sell their spice at 5 per 
cent above the agreed mini¬ 
mum and the Grenadians 
adding 10 per cent to their 

But when the new economic 
policies were implemented in 
Indonesia, Grenada’s industry 
threw tn the towel and reduced 
prices in an effort to hold on to 
market share. The GCNA 
dropped the price of its top 
quality nuts by $ 2^00 a tonne, 
and the price of premium qual¬ 
ity mace was reduced by $4,000 
a tonne. 

“When we talk with the 
Indonesians, we will also dis¬ 
cuss cooperation in marketings 
which wmaflow us, as the pri? 
ducers, to deal directly with 
end users ” said Mr Noel “This 
will allow us to bypass the 
commodity brokers. The previ¬ 
ous agreement collapsed, not 
because it was unworkable, 
but because of changes in 

: 3 tion 



Commodity price 
revival forecast 

Philippines coconut 
output falls sharply 

commodities could show a 
strong revival in 1993 if the 
economies of the leading indus¬ 
trialised countries recover 
enough to stimulate demand 
for raw materials, according to 
the Economist Intelligence 
Unit, writes Our Commodities 

“We expect the global econ¬ 
omy to pick up in 1992 and 
most commodities are sensitive 
to change on the demand side," 
said Mr Alec Gordon, editor of 
the unit's World Commodity 

In the latest edition, of the 26 
commodities prices covered by 
the EIU, 18 are seen as fetching 
higher prices In 1993 than this 
year, when many commodity 
prices hit new lows because of 
the recession. 

In the soft commodities, 
crops may be badly hit by 
drought and the ensuing sup¬ 
ply problems should support 
prices, Mr Gordon said. 

He expected tea, sunflower 
and soyabean oils prices to do 

Price Forecasts 




Cocoa (c/lb) 



+ 17,7 

Tea (p/kg) 




Sugar (c/lb) 




Wheat mt) 




Soyaoil (5/1) 




Copper (c/lb) 




Tin (Sflb) 

2.04 a 39 


Zinc (c/lb) 

STJS 64.3 


Source: BU 

By William Keeffng in Jakarta 

better in 1993 than this year. 
The coffee and cocoa markets; 
are still heavily oversupplifid 
but if stock control measures 
succeed, prices could recover 
strongly, Mr Gordon said. 

Nickel, with its fortunes 
strongly linked to stainless 
steel production, would benefit 
from a strengthening con¬ 
sumer goods sector, while use 
of copper strongly depended on 
an upturn in toe construction 
and power transmission sec¬ 
tors, tile EIU said. 

the Philippines, the world’s 
leading exporter of coconut oil 
and copra, may be 29 per cent 
less litis year than originally 
forecast,-officials of the Asian 
and’Pacific Coconut Commu¬ 
nity said yesterday. 

Mr P.G. Punchihewa, execu¬ 
tive-director of toe APCC, said 
that more than eight months of 
low rainfall had severly 
affected the Philippines* 
production and that 1992 pro¬ 
duction, measured in copra 
equivalent, .was likely .to. be 
between 1.4m laid L5m tonnes, 
tn January the APCC esti¬ 
mated production would be 
158m tonnes. 

Industry officials say low 
rainful has been excacetfoated 
by the eruption of Mount Pina- 
tuba and they do not expect 
production to recover until 
1994. In 1990 the Philippines 
produced nearly Z5m tonnes of 

Stocks of coconut oil to Rot 

terdam, toe main trading cen¬ 
tre, have felled sharply in the 
past year to 61,175 tonnes in 
mid-May from 131575 tonnes in 
May last year. ... 

Copra meal stocks have alswr 
declined as a result of a 35 per 
cent year-on-year fall-*'-in 
exports from the the Philip¬ 
pines for Jamiary-April to 
141,019 tonnes. 

Indonesia’s exports Of copra 
meal also declined, by 59 per 
cent to January and February 
to 38,162 compared with the 
same period last year. How¬ 
ever, Mr Pun chih ewa said that 
Indonesia had enjoyed better 
than- forecast rains and 1992 
estimated coconut production 
at 2.25m tonnes remained 

APCC officials said they 
expected the world market 
price <rf coconut ofl to average 
$600 a tonne df this year, up 
from $ 433 per tonne in I99L In 
the longer-term, officials 
believe world prices will b^fr, 
sustained by demand growing 
fester than supply. 

r.: *.: 

; r /C. 

> -".i *.: 




LME TIN prices closed near 
25-month highs. Three-month 
tin's early test of support at 
$8,600 a tonne encouraged 
buying in the afternoon and the 
market quickly made headway 
to within a whisker of the $6,700 
level. Dips continue to attract 
buying interest and sentiment 
Is also aided by forward 
technical tightness. ZINC was 
again buffeted by waves o( 
liquidation, three-month metal 
dropping below support at $1,210 
a tonne at one stage to touch 
a 312 -month low of $1,206. The 
squeeze continued to unravel, 
exerting pressure, traders said. 
Traders were expecting LME 
warehouse stocks to rise again 

London Markets 

today. Comex COPPER remained 
lower at midsession on the heels 
of Chinese selling and falling 
equities markets. “The Chinese 
selling was enough to cap the 
market," said one New York 
analyst Root sources said many 
players took profits from 
Wednesday's rise to lifetime 
highs across the board. The 
slippage in the Japanese and 
US stock markets weighed on 
sentiment by pointing to 
lessening demand. New York 
raw SUGAR prices were lower 
at midday as profit taking 
emerged after Wednesday's 
advance above 11 cents a lb 
for the July contract. 

Compiled from Reuters 

Close Previous Hgh/Low 




517 512 




534 528 




584 558 




594 588 




814 809 




832 030 




861 840 



878 878 





Clone Prwvtoua 

jtoMBA 17% fWy (3 per tamo) 
CUh 12649-59 1274-5 

_ (Prices supplied by Amalgamated Mstal Trading) 

HMjflJO AM Official Kart) dose Open Interest 
Total daBy turnover 26,488 Iota 

CBUOE OS- QJflWj 42900 US galla S/barrel 
Latent Previous HlgWUnr 


r.; ?yr— 

3 worths T28899J 1300-1 

Copper, ifcaJs A (E par toons) 
Cash 1221S-£L3 1234-5 

1287-8 154.668 lota 

Total dally turnover 23,341 lots 

Turnover 3084 (8381) lots Ot 10 tonnes 
ICCO Indicator prices (SDRs per tonne). OaJty 
prh* tor Jun 17 882.47 (886X8) 10 day average 
tor Jun 18 073.86 (H74.14) 

3 months- 124899 
Lsed fE per tormfl) 
Cash -290400 



1246-7 104957 lots 

Total dally turnover 3982 lots 

3 months 301-1.6 
Hktd (3 per tonne) 
Cash 7145-86 

300-0-5 18,143 tots 

Total dally turnover 3,582 km 

Jut 2228 2229 2233 2218 

Aug 2234 2234 2239 2238 

Sep 2238 2238 2231 2230 

Oct 2231 2218 2231 2214 

Nov 2210 2200 2212 2209 

Dec 2294 2230 22.04 2139 

Jan 2131 2137 2131 21.80 

Feb 21.77 21.74 21.74 2136 

Mar 21.80 2130 2130 2137 

Apr 21-40 2138 0 _ O 

HEATWO OtL 42000 US galls, cents/US gafta 
Latest Previous Mgh/tow 

OOfTHI - London FOX 







708 898 




732 723 




753 745 




772 788 




792 786 



813 808 



832 825 

3 months 722590 
Tin (5 per tonne) 
Cash 6865-70 

72403 23387 lots 

Total daDy turnover 2313 tots 

3 months 8870-75 682P-S 8 

Bnc, apedal Mpi Sreda ($ per tonne) 
Cash 1315-20 1308-10 1 

3 monflw 1210-11 1221-2 1 

IMC m Me 

SPOT; 13655 3 months: 1.8395 

6685-7 0332 tots 

Total daily turnover 21328 tots 





6 months: 13168 

9 months: 1.7981 

Jut 6105 
Aug 8165 
Sep 8280 
Oct 6355 
Nov 8440 
Dec 5828 
Jan 652Q 
Feb 6400 
Mar 6150 
Apr 6930 

6128 eras 
8180 BT30 
8280 6280 
8370 , 8345 
8458 8440 
8830 8515 
8530 6520 
64fO 6400 
6150 8160 
5030 5930 

8QYA8EAH8 5jQM bu mint canta/fiOlb bushel 
Cto— Previous Hlgh/Low 

Jut 803/8 602/8 604/8 SOS 

Aug 607/4 608/4 00010 599 

8ep 813/0 flli/0 814/4 604 

NOv 018# 878/4 021/0 010 

Jan 827/4 626/4 838/0 618 

Mar 636/0 834/0 636/4 828 

May 640/8 837/0 641/0 B32 

Jut 642/0 639/0 642/0 634 

SOYABEAN OtL 60,000 Bis; cents /16 _ 

Close Previous Hlgh/Low 

Jui 2039 20.76 20.00 2QJ 

Aug 2034 2081 SOM 30.1 

Sep 2136 21.12 21.11 20S 

Oct . 2120 2137 2135 21.8 

Dec 2131 2)37 21.60 2IJ 

J«n 21.84 21.67 2135 . 218 

Mar 2137 2187 2180 21.7 

May 22.10 22.15 O _ 0 

SOYABEAN meal 100 tons; S/ton 

2735 ^ 
2130 W- 

SWUM - London PCX _ (5 par tonne) 

Close Previous Hlgh/Low 


Tumoven1487 (2983) lots of 5 tonnes 
ICO indicator prices (US cents per pound) tor 
Jurr 17:Comp, dally4932(4934} fa day average 
4887 (49.03) 

Crude all (per barret FOB) + or - 

Dubai Si 0.008.052 +375 

B*e« Blend (doted) 521.10-185 +.100 

Brent Blend (Aug) 521.05-1.15 +.150 

W.T.I (1 pm ea t) $22902984 +.150 

09 products 

Owe prompt d elivery per tonne CtF) + or- 
Pramfum Gasoline 

Cto* Off 5157-188 +2 

Heavy Fuel 011 58335 + \ 

Nepwm smoot -r 

Petnhum Argua Ee dmalea. 

Other . _ _ 

Aug 24230 24880 24630 24030 

Oct 22330 22880 22840 221.40 

Oec 21230 210.00 20930 20930 

WUs Clone Previous Hlgh/Low 

Aug 288.90 29180 

Oct 27130 27430 

Mar 27530 278.00 

May 27830 

29030 283.10 

27330 268.10 
27830 27430 
28130 27830 

WTATOW - Lqmfan POX _ 

_ Close Previous Hlgh/Low 

Apr 883 813 >13 883 

Turnover 03 785) loa at SO tonnes. 

Turnover: Row 374 (207) lots ol 50 tomes. 
VtMts 1488 (1131) 

Paris- While (FFr per tonne): Aug 1588.61 Oct 

tonumu. - London POX _ grtotwa 

Close Previous Hlgh/Low _ 

Aug 12230 12330 

Turnover 0 [0)1 ots of 20 tonnes. 

(Prices supplied by N M Rothschild) _ 

Odd (troy at) 

_ 5 price _ -C equivalent 

Close 34130342.10 

Opening 34130341.40 

Meriting Ox 34090 (84.077 

Afternoon Bx 34135 183354 

Day’s Mgh 34135342-15 

Day's low 84070^4190 _ 

Loco Ufa fan Bold Lending Hiss (Vs US*) 

1 month 3.46 8 months 338 

New York 

COCOA 10 tormatoS/nnnes 

GOLD 100 troy ol; teroy oz. _ 

Close Previous High/Low 

Jun 3423 3412 3423 3412 

1 month 

2 months 

3 months 

331 12 months 


Jut 343.1 3413 0 

Aug 3442 3423 3452 

Ocr 3483 3443 3483 

Dec 3483 3483 3402 

Pet) 3502 348.1 350.8 

Apr 352.4 361-3 353.1 

Jun 3543 3532 0 

Aug 3572 3662 0 

350.6 3403 

350.1 3S33 

































































































MATO 5300 bu mtn; conts/E6H> boshet 

PLATINUM 80 troy oz; S/boy oz. 

Bit p/tony oz 


US cts equhr 

GOfPEE -cr 37300H>to conns/lba ' 
Ctoae Previous HtpWLow 

Sold (per troy oz)4 
Silver (per troy ozjqh 
Platinum (per troy u) 

5341.95 4,40 

409.0c -20 

L - INM _ S/barrel 

Latest Previous tflgh/Low 

PBBOHT - U ndoN PCUt XHMndtor pojm 

Close Previous High/Low 

Spot 219.70 

3 months 22530 

6 months 23040 

12 months 241145 

PeUadlum (per troy oz) S00M 

5384.10 -3.75 

Copper (us Producer) 108.49c +134 

Lead (US Producer) 37.0c 

Tin (Kuala Lumpur marital] I633r +oQ 

Tin (New YorJO 31030c + 3.0 

Zlnfi (US Prime Western) 82.0c 




2U4 21.08 




1150 1135 




2196 2099 




106S 1048 




2090 2099 




IMS 1065 




2090 2079 

Oct . 



1200 1195 







1243 1235 







IPE Index 




m - 





or 107 «17 


























































249/8 . 

















284/8 . 










270/4 . 





0 - 

. 0 . 




256/0. ;; 


WHEAT 5300 bu mirr. cena/aotb-bushel 
Close Prevtata tflghfljwr 

(Prices supplied by Engethard Metals) 

5 price G equtvetom 

SILVER 5,000 tray oz; cenndtray 04. 

Krugerrand 3*126-34225 18330-183.90 

Maple lost 35230-363.00 188.75-180.25 

New Sovereign 8330-8430 44JXM33Q 

HAS OH. - tl« 

C«8B (Hwo wetghft T1339p +132* 

Sheep (Rve vrelghQI* B835p -325* 

PlflSjIhw wefebW 33.70b -3W8- 

London dally sugar (raw) S27l3t 
London daily sugar (white) S2KUX 
TaM W Lyle evpert price 0852 

Setter (English toed) Uni 

M*U* (US No. 3 yellow) £148.0 -13 

Wheat (US Oarir Northern) unq 

Rubber S230p 

ftoWKT (Aug) IF 8230p 

Rubber (KL R3S No 1 Jut) 22i0r 

Coeomd oil (PMItopliwW S59UM Il03 

Paint Oil (MaJiyaianK S4i03y -?£ 

Capra (PhHfpprtesK 5367.5* -12JS 

Soyabe ans (US) E 14&5 

Cotton "A" fade* 88.40c *OS 

Wuoitops (84a Super) 396o -8 






187 25 

18995 18890 




19075 18990 




102J5 191.75 








1974)0 18690 




10845 10790 




19890 195.73 




19125 193.00 





otutna - lee 
Wheat Clou 


Jim . 12236 

Sep 11025 

N« 11826 

Jan 11725 

Mar 18029 

May 133.10 

12203 121.78 
11030 11086 
11320 11320 
11730 11720 
12030 12CL28 

TBAPtoP ownons _ 

Alanfahan (99.7%) COfla _ Puts 

ShlUe price 5 tonne Jd Sap Jut Sap 

1200 71 90 3 3 

34 31 36 

a 123 114 

Copper [Grade A) Cons 

Turnover 8878 (137B8)Ms of 

Baris j ’ Ctosa 


mi mi a 3 

43 60 3 21 

3 15 80 75 


Top quality English strawberries remain 
plendfur tWs week with prtors 41 90p-£l20 
(90p-£120) a lb report* ttte FFVIB. Near 
Zealand Mwfttrt « 2tW3p each {2t«3rt la 
e good Putt buy. along with Spwrfa. French, 

Sep 107.70 

Nsv 111.15 

May 11025 

107.70 107.50 
11125 111.15 
11925 11920 

Sap Nov Sep Rov 

Turnover wheat-103 (79). Barley 47 (70). 
Turnover tots ol 100 Tamm. 
















Sep Dec Sep Ctoe 






















































HUM GMJOE COPPER 25,000 lb*; cemaflBs 










104 M 












































COTTON 50300; canfa/fee 

Jul 82.18 8323 8250 01.90 

Da 6427 8536 8420 6430 

Oec 6420 6020 0425 S32S 

Mar 05.19 8520 65.40 8S.0S 

May 6528 8328 8180 85.48 

M 2&90 8326 9526 BAflO 

OHAMoe JUICE 1S.00Q tor, centsfflw 
Ctoee Previous Kgh/Low 

12S2S 19720 ■ 125.70 

118.10 11020 11720 

113.75 11420 11X50 

11X05 11320 11X00 

11330 114.00 11430 

11220 0 0 

11220 Q 0 

11220 0 0 

1t£tt 0 O 

Peas am Oils week*a beat vegetable buy 

S Atom imton atherwlH stoud. p-ponce/kg. 
c<wita/fti. r-ringghftg. wim/Jul y-July w-Jul/ 
Aug . ■(Meet Commission overage Jafa- 


l«> (4&80p), tttong wtat eetsiy ai BWBp a to 
(50-Wp) and English Spring onions at«M3p 
a bunch (35-46P). 

PM» - lewriowWOX (Cash Setttemom) p/kg 
_ Cloaa Prevtoos Hlgttf Low 

J*I " M42 1143 -' 

Aug 1042 1053 10421043 

Nov 1Q7.0 1083 10721083 

Turnover: T2 (17) tola «l 3260 kg 

» 08 17 17 

15 41 ffi 27 

B 29 50 40 

SUGAR WORLD "11” 11X000 lbs; cants/lbs 

Aug Sap Aug Sot 

47 58 38 68 

25 07 























ft 70 












HEUteRS gear September 161931 - 100) 
Jun.18 Jun.17 mnth ago yr ago 

1992J 1584.8 1397.0 17723 

DOW JOMKS (Baas: Dae. 31 1974 - 100) 

-ton.17 JtattB mntti ago yr age 

Spot 119.18 11826 117 74 13024 

Futures 120.12 11X78 11824 13631. 

Jul 332/4 364/6 864M 

»«P 355/4 358/0 357/2 

Dk 363/4 385/0- 365/0 

flttr 382m 388/D 364X1 - 

May 351/0 355/0 332/0 ' 

Jul 332/4 335/4 33310 

Sap 33914 342/4 0 

Oac 349/4 3g;4 0 

UVECATne 40300 the; cehfa/lba 
_ Close PWtoui WgMjn* 

raiia 73,400 7X37B 

«■» 71350 

Oct 70275 71.000 7027S 

wc 70325 7022S 7X17S ’ 

Peb 69275 89.750 ' BBJ60' - 

Apr 70850 70700 70880 - 

Jun BB.P75 68.100 88200 

UVSHOOS 40300 to; eentsribs 

Ctoae Preyloua- tOgh/Low 

4MS0 *** 

40278 40230 . 40600 

oS 43525 4 W“ ; 

<W 39280 39700 40JS8 

D4C 42300 41225 42280' 

Fab 4&2S0 42400 43200 

Apr 42225 42.350 42200 - 

Jtfa 47280 47200 - 47,880 - ' 

■ PORK BajJES 40300 toKcenarifa'^ 

Cto— ftevfaua HMutotfr‘ 

>M 92760 32275 33.580 ■* 

£2? SO-mg 31200 ;'•* 

fob 42.100 42200 - 42230 - 

Mar 42250 • 0 

M*y 42200 48250 42200 - 

Jut 42250 43350 -• 0- 




r.i? i .1.1 j'K m.j :g 4 :<-j; m : ft 

er tn 1 • 

^ ’ Bir T^Bytani 
V^ji?V M K ®tocJc MaikatEditor 

' ,;J CP® f ^ u ENCB cracked on tbe- 
a; London stock market yester- 
? tty morning to the foce of a 
fcvave': of alarming develop* 
<5smS*S: a " at - & onie _and abroad. 

E^mtifis suffered-their worst 
* ^trading session ,ot the rear as 
i ‘^ FT-SE Index fell by neady 
-140 =pbinfsat midsession «nrf 
• -5J«e*:JineB-ti£ blue chip stocks 
3 m ^ >■ *' came ®n.tot&e-marfcet..- 
*vv^5jS ' Moat of the damage to share 
. ■i^ c 'priccs came early. London had 
« a already reacted strongly to the 

falls oversight of 400.24 on the 

■ ■ *3 deatt.a further; and in immedi- 
;; :b{ T’ -t. ate terms, more serious blow. 

; GRA, the .weald’s largest air- 
*= s > craft.leasing groqp, withdrew 

sei -i . ^■ _ 



; |||? suffer ■ ' 

r . v ^ THE SHOCK caused by the 
;^" = ■&; withdrawal of GPA’s global 
share offer sent tremorB 
.rT'V^at' v'through the aerospace sector, 
~7‘ ■ 5 ?^ teading to falls to British Aero- 
,‘ J . Ci =! tr^T space andRofis-Royce. 

^ j : At the day's worst, BAe was 
r n ^ >. z. down. 28 as confidence in the 
yi -’is j ^ aviation industry received a 
j.v ] sharp knock. Some dealers also 
! - ^ J.- talked of the possible effects of 
i^Kse ofthe GPA move on its orders feu* 

- ‘ Airbus aircraft.' GPA is one of 

— ,_ Airbus's biggest customers and 

^^“^ BAe holds 20 per cent of the 

iCOtlD Sentiment was farther weak- 
v ened by fears of bad news 

N wben the BAe chairman met 
UK analysts yesterday evening 
in' Berlin. - Bargain hunters 
helped the shares come off the 
. ■»* nar-r. bottom and they, ended 16 off 
t £u,. at 2?7p on turnover of 8ifcn. 

r. ~ i. _ Rolls-Royce was also affected 
X-.v^ii by the news from GPA hot it 
; t 7 ~ * >K ' n was, speculation, later, proved 
. i.. , unfounded, regarding problems 

T' an .important customer of 
"“VJtoilSrRoyce which caused the 
;i increased turnover and fell in 
.• .‘I"price- Volume rose to 

’* njns- 

also said to, have been a factor. 

•i fl?- * Gloom at IGI 

i 4. A. gloomy progress meeting 1 

b; -r : r- 1 JCI^n^ipt^,a,,numb«, of. 
i:! rtS: vi securities, houses to cut their 
ri. : n .forecasts for the group and led 

rTct*.£to a r sharp fell in-the share 
price. The stock was further 
C ".ri.- * affected by the continuing 
:-; 3 r overhang of the stake sold by 
■ \*r.r:. I: e Hanson. The shares closed a 
net 36 lower at I2S5p. ' 
Mr<Jbarles Lambert <rf Smith 
New Court said the previous 
' .‘■i-'-s'jA consensus forecast for 1992 
profits bad been£955m, and he 
;V-'--“T* w® 3 cutting back, to £875m 

'" r - from around the £900m mark. 

' One ICI broker was widely 
believed to have cut bis estl- 
—-— mate to £830m from £900m. 

« Analysts said ICI highlighted 

u _- the dirappointing performance 

-■ of Agxiclmmicals and the flat 
progress of •: the industrial 
—■—*^T chemicals arm. Mr Lambert 
- • added; They are saying notb- 
ing pardculazly different from 
i -■ - anyone else in the industry, 

! ii but they bad shown a glimmer 

■ - of hope at the end of the first 

■ quarter and, formally, they 

_"7. have gone more cautious, than 

VT T: - they wero" 

.-^'-"7? ’1110 shares were also over- 

■ _ . •' shadowed by the 2S per cent 

.-stake that Goldman Sacha 
7.|| bought from Hanson for 14Q0p 
:' a shar e in early May. The US 

LOWS FOR 1992 

factors overwhelm equities 


Junt Jm Jana Juna Jum VMr 

is_ rr ie is a Ago 

81mm CompUaSM 

Hip LM 

its planned $lbn global share 
offering; barely four hours 
before it was 6 im» to nwiwuy a 
the pricing details. 

But not even this unprece¬ 
dented development proved to 
be. the end. of the day's woes. 
ICr* share price began to 
crumble as the first reports 
trickled back to the C3ty from 
the company's meeting with 

analysts, who then began to 
cat profit forecasts for the 
Britai n’s blue chip chemical 
group. The ICI meeting caused 
fresh doubts over the progress 
of UK companies. 

The Footsie fell to 2,559.1, 
abandoning an Important sup¬ 
port level as large blocks erf 
stock in such well-known 
names as British Gas, Midland, 
and Hanson «n«» on to the 

investment bank is still 
thooghtto have at least 10m of 
the shares on its book. 

Ladbroke supported 

Best performer in the leisure 
sector yesterday was Lad- 
broke, which put on 2 to 208p 
as Hoare Govett and County 
NatWest both turned buyers. 
The shares had been under 
pressure for several weeks fol¬ 
lowing a series of downgrades, 
with analysts focusing on the 
group’s property portfolio, par¬ 
ticularly in the US. 

According to Ms Lisa Gordon 
at County, Ladbroke is now 
trading at close to a 10 -year 
relative low, and “in a market 
looking for decent yields the 
company promises a safe 7.6 
per cent based on a 6 per cent 
increase in di vidend this year”. 
Mr FTamigh Dickson at Hoare 
agrees and, while retaining res¬ 
ervations about the property 
exposure, believes Ladbroke 
-will generate;sufficient reve¬ 
nue to raise its dividend. 

Rumours of a downgrade in 
Forte by its broker, UBS 
Phillips & Drew, persisted in 
spite of the house’s firm denial 
It was said that UBS was now 
at the bottom of the market 
range. The shares receded 5 

. A number of big. -Eob.tsfe . 
stocks saw heavy trading yes¬ 
terday as a rumour went round 
the market that the Kuwait 
Investment Office was lighten¬ 
ing its portfolio. There was 
also talk that depressed mar- 
ketmakers were cutting both 

Accou n t Pawling Dates 

Aoc u—T Pay; 
Jon 28 

An attempted rally was 
unsuccessful and although 
Wall Street was only 5 Dow 
punts off in London trading 
hours, the UK market closed in 
a mood of gloom. The final 
reading put the FT-5E Index at 
2,562.7 for a day's loss of 85.7. 

The GPA decision, prompted 
by a Tack of institutional sup¬ 
port, reportedly In London and 
the US, cast a chill over the 
rest of the aerospace sector 

their losses and books after a 
grim week. 

A block of 9m British Gas 
shares traded at 184’A p was 
behind a heavy overall turn¬ 
over of 23m for the stock, 
which fell 5 K to 247p. Royal 
Bank of Scotland saw a line of 
9m shares dealt each way at 
185p and closed 9 off at I86p. 
Hanson, enlivened by a block 
of 6m shares sold into the mar¬ 
ket, slipped 5% to 209Ap with 
21m traded. 

Flotation worries and a prof¬ 
its forecast cut hit Lasmo, 
which fell 10 to 199p. Analysts 
had generally expected the ail 
exploration company to 
announce the pricing for the 
flotation of its North American 
assets acquired when it bought 
Ultramar. The announcement 
was expected on Wednesday, 
but its non-appearance com¬ 
bined with the withdrawal of 
the GPA float created market 
concern. Also, Strauss Turn- 
bull revised its 1992 forecast to 
a loss of £27m from a previ¬ 
ously estimated deficit of £4m. 

Wellcome, expected to raise 
about £4bn through a heavy 
share flotation this summer, 
was also hurt by the GPA 
news. The shares fell 25 to 
919p. However, analysts 
remained convinced that the 
flotation was secure. 

A 10 per cent dividend rise , 
and profits towards the top of 
market expectations felled to 
provent water company Severn 
Trent dec lining 7 to 375p. 
Regional electricity supplier 
Manweb eased 2 to 342p after 
announcing a 61 per cent 

and also discouraged stocks 
such as Wellcome and Lasmo 
where prospective share plac- 
ings were threatened. 

The depressed state of the 
market yesterday masked a rel¬ 
atively favourable reception for 
the day’s statistics on UK 
employment, unit costs and 
money supply. The increase in 
May's unemployment total was 
smaller than expected and but¬ 
tressed the view that "eco¬ 
nomic recovery Ls In place 
rather than in doubt," accord¬ 
ing to Mr Ian Harnett at 
Strauss Turnbull 

Some of the pressures came 
from basket trading between 
stock and stock index futures. 
Today brings Triple Witching 
Hour on Wall Street and also 
expiry to London of the June 
contract on the Footsie. A very 

' m'j; i • . >• • ■ . • 

Equity $lU^Truicl«>d 

■fa^yrie^spvwsoiw tumovbc'7 j 

increase in profits, to line with 

A block of around 9m shares 
in United Biscuits was 
reported to have stuck in the 
market United, hit by a profits 
downgrading earlier this week, 
lost 5% to 362p as 2.1m shares 
were traded. HHlsdown was off 
5 at 159p after a substantial 
placing resulted in turnover of 

Bass managed to gain a 
penny to 604p as shares in the 
leading brewing and drinks 
groups generally weakened. 


> Tht Financial Timas Ltd 199?. Compiled by the Financial Times Ltd 
fa.eoitiuncdon with the hnfllnte of Actuaries and the Faculty of Actuaries 


:hi i 

Thursday June 181992 

Figures In parentheses show number of Index 
stocks per section No. 

Wed Tue Mott Year 

Jot Jn Jm 49 

17 16 15 (approx) 

xd adi ] 

1992 Index Index Index I Index 
to date No. No. No. Ho. 

85L91 820.7b 
959.01 UVHlSO 
878.69 1246.95 
2562.71 2346.94 
197923 179685 
36426 42058 
5372Z 44L46 
336.05 448.74 
36L99 32256 
1787.04 151133 

217L56 1803.64 
127301 115658 
2875.79 2600.14 
395086 3529.02 
1277 J9 

Index Dor's Day's Do's Jh Jm Jun Jna Jn 

Ho. Cham HMita) I LovlU 17 16 15 12 11 

2562.71 -35.71 2578.41 2558.61 2596.41 261651 259351 2603.71 2614Jl 2479.9 


-0.08 1173.65 
-0.a |l53.71 

6.18 = 

6.89 7 
6.06 8 
635 9 

6.68 __ 

- bdex-Uriod 

11 Inflation rate 5% 
1.83 12 brfblionrate5% 
2.04 13 hflaiionnttlD% 
x qg 14 Inflation rale 10* 






and tows reconl, base dates, tunes and 

sufesrfptiai from FJNSTAT, 2nd Floor, 126 Jernom SmLondon SWir 4UJ. Til: 07 

Sootbwark fir 
to these indices. 

large seller of the September 
Footsie future appeared in Lon¬ 
don yesterday afternoon and 
several leading trading houses 
were struggling to square up 
open positions between futures 
and the underlying blue chip 

Seaq-reported volume 
Increased sharply to 517.9m 
shares from the 423.7m of the 
previous session. But these fig¬ 
ures include both customer 
and intra-market business. 
Customer, or retail activity in 
UK equities has remained light 
this week, and was worth only 
8868.7m on Wednesday. The 
low level of genuine customer 
investment business has left 
some traders with exposed 
positions in both the June con¬ 
tract on the Footsie and also to 
the blue chip stocks. 

UBS Phillips & Drew refused to 
comment on suggestions that 
the securities house had rec¬ 
ommended a switch into Bass 
and out of Whitbread “A", 
down 10 at 434p. 

Mr Andrew Thompson, ana¬ 
lyst at Kleinwort Benson, 
advised investors overweight 
to AlUed-Lyons to switch into 
Grand Metropolitan, but added 
that, he is only making such a 
recommendation after Allied’s 
recent rise and has not 
changed his advice on the 
stock from a hold. Allied 
slipped 18 to 644p, while Grand- 
Met lost 6 to 475p but per¬ 
formed better than most lead¬ 
ing shares in the sector. 

Guinness, 10 cheaper at 573p, 
was depressed by a profits 
downgrading from Kleinwort 

Tyne Tees Television jumped 
34 to 26% following a £30m 
agreed bid from Yorkshire IV, 
which fell 7 to 169p. 

Speculation in the French 
media that a takeover, for 
E uro tu nne l was to the pipeline 
helped lift the shares fi to 34%. 

Shares in TL which recently 
took over aerospace and Infor¬ 
mation technology company 
Dowty Group, were affected by 
the GPA announcement and 
feD 14 to 353p. Also affected by 
the «wn« sentiment was Brit¬ 
ish Airways, 7 lighter at.263p. 

Christopher Price, 

Peter John, Joel Klbazo, 

Colin MMhttfit. 

■ Other market statistics. 

Page 22 

OonwniMfflt Secs 88.78 88.76 8074 88.70 B8£2 83.78 89*2 85.11 127.40 48.18 . 

~ _ ■ ■■ _ (2BJS) (1/<| ,(S/r/3S) ■ (3/1/75)' 

Fixed Interest 104.35 104.36 104,37 104-42 104,63 Q 2 . 8 S 10582 87.15 10582 50.53 

_ P75) (271) (2/6/92) (371/75) 

Ordinary Share* 1B8M 2822.1 2037.0 2020.4 2te&3 19484 2149.7 -18514 2148.7 -49.4 - i 

_ - • (22S) i3/4) mens i wwn 

Ookt Utnum ml 1»7 T09J 1045 tos.7 1895 ISOfl H&T 734.7 ’ 4XS 

___ (UV1) (1118) l2Sn07711 

PT-SE 100 Shan' 2562.7 2598.4 20165 2393.6 2603.7 2484.7 27375 2382.7 2737.8 9889 

_ ' _ : _ (11/5) (3/41 (11/5/82) (23/7/841 

FT-SB Eurotrack 200 1108.543 1202£7 1207.68 1109.73 1207J3 118280 1248.79 112(252. 1248.79 938^2 

__ (1W)‘- »/1) QVB/82} QS/1/8H 

•Ord. CHv. Yield • 4.85 4-58 4^4 4^7 4^8 4,07 Bmt 100 Bed. Sen iSnOQC. Rnd U. iSHt Oaaeiy 

•Earning YW H(6ilQ 882 B.72 8J55 8.70 0.69 8.50 1/7/35. BM nkm 1S/SS6. BHi 1BDD FT-8C1D0 31/IBB 

•P/E Ra« 0 (Nei)(*) 1188 ISiH 18^3 18.70 18.75 14^3 4/T«Bwtedi2BI2amwaaMi7«tPWte 

Fixed i n teredl 

Ordinary SharaS 

PT-SE 100 Sham 

SEAO Bargns 6 . 00 pm 22,049 22.012 21^53 21^01 27.061 27^28 

Equity TumovarlEmJt - 88 M 609.1 0 S 1,2 1 096.2 84ai0 

Equity Bargatnsf - 34.004 24.485 23J14 30.736 28.048 

Shares Traded [m 0 + - 389£ 349.6 aosa 4712 

OrJnary Share Index. Hourly chaagee Day's High 2001.8 Days Low 1884.6 


Gilt Edged 

June 17 June 16 

87.8 95.3 

Open Sam 10 am 11am 12 pm 1pm 2 pm 3pm 4pm —-- ; - 

1395.0 1985.1 2001.5 1999J 11994^ 1933.0 1B8&3 19882 1904.6 5-Day average 104.0 105-5 

FT-SE 100b Hourly cheep— 

Pay*» High 2S78-4 Day's Low 2558a *SE Activity 1974. 

9 am I 10 am 11 am 112 pm I 1 pm I 2 pm I I 3 pm I [4 pm 

-tExcludlng intra-market 

|bs7oj| [2567-2[ 12578.11 |25re.i| 12669.81 |25wio| [25S9.i[ || bualness and Overseas turnover. 

FT-SE Euratreck 200, Houtly changeat Day’s High 119486 Day'B Low 1185,13 London report and latest Share Indax: 
i L.-„ i 1 - , —— 1 I ;jl I—7——— r— - r— - TaL 0891 123001. Calls charged at 38p/ 

| imm 1102-50 j 1191.85 I 1192*18 1 1iw5a 11B6S& 11£CT^5 r "*"‘ “* Wl 





ABM Final - 






HTNa> -- 



Brt. AMMpaca. 
BrIMi Akaai* - 

Bunan _ 




d on nw tradnu «uh 
1 ara iDinM down. 

Ifetaa*Ckake Om* WaCMi 

aani fhw c mw . . son M 

_ U « -4 Com IMaa -843 m 

~U00 3»>z -2 CooMon——- 250 n_ 

-arm m -t qmm -uo sea 

_Tar 70-1 Dean-m «x 

-1/m 645-13 OaCiht- 322 555 

a - 1 »| amp--— 1^00 2*5 

_ UX» 396 -6 SanwnBKt- 457 277 

_132 m +1 rvA Mkt*ni Efed._ 781 281 

-1200 360 -1 EmCWnana-340 527 

— Iff) 34B -■ EnMrpfraON-- IJKO «TO 

_ 411 420 —i4 Emamduna_»> us 

_!Q 340 +11 m - ZJVO 77 

_661 Hi -1 RMM-- 4JB0 MS 

_ 2,000 780 +1 Fort!-MOB 200 

_ 3200 151 -3 QwtAoddM-IflOO 473 

_ UBS 32f +1 BwwnlBact-43C0 ZM 

-U00 672 -I Qtm-4L200 En 

_831 174 OyAMdU.- 690 2» 

„ am seh -3h aww*- 333 233 

_ T.700 T2B -3 ttmnd UK --2X00 <75 

— Sjno 473 -B QU3A-26B 1500 

_ 22» ItB GRE-WOO 147 

-4.000 334 -S GXH-406 3» 

— mo OM +1 ateMH-2300 SO 

_178 1* -I tawwan'A'-» _366 

— 1.300 21* ~2 Hunt-21000 200^ 

—.boo 480 -n Haeonmnam _2JD0 23 ^ 
_ 2JOOO 447 HnlHBaCMMd-2J20O UH 

— 173 aw -2 nm-auxn us 

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_ SM W3 —7 Id - VXO U35 

.291000 M -5*7 BcAcni —_T 50 Q 488 

-1200 207 4-1 EbgfiSr- 630 

— 3JHO 243*1 —3 Mkhn. - m 

- 2 W 70 -1 LadBnta- SJltt 20 

_10 08 -4 UndBmMaa -__ 1,« 4t 

— 800 64-14 Ljparti —-ISO H 

_ 1200 50V +•» LkuS6®»iw4 _406 31 

-1^00 SS3 -7 UqdiAttwy-593 31 

i.XBOO 466 -« UndtBmk-l.flCO 4t 

_M T8B -3 LAfiSW___ 2000 II 

_640 «S -14 London BacL _573 32 

_501 SO 43 Darin—__3^00 [ 

ding tttuniaier • MMcdonal Alpha aaeurMak 

WVntCBjfcg CW’l VOBMCMMO 0«1i Vtotan*SqrV 

00» Ms* cnaopi am Mi danpt m Mr dnp 

— 5S •* -» Ucn_ 484 » -3 ShiXTmiuporl-1000 SOI -9 

-*5 If? -1 WCmtal_730 278 -4 SUM -— B20 ™ -7 

-Wl SB -M ICC_136 soa -2 Staiatoeni_ -WE 175 -7 

-T74 406 -» M«—b _ 106 3« -2 8m0MJ4)A-240 408- 

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— « 277 -2 MUudtBacL_ 120 301 -3 SnN BMCtunUK. — Wl 3843 - 40 

— 781 Si +1 PEC_urn 253 +2 BnMkxfc_2.400 266 -7 

— M 527 +4 MM Box-1300 3=3 -7 Eowbwn EtacL -S3 2* -2 

— 1.800 403 —2 MBonalPowar—— 3JK-! 296 - 2 361 -3 

— W US +8 MM-—.2X0 U -V SMNMWUr-84 » -2 

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— 2/00 209 -s Horftmftwk_621 9» -0 SantadQwtd._L200 m -4 

.48* bh -a shaiTmiepon —1000 508 -9 
.730 278 -4 SUM —-- B26 606 -7 

-ft nan_ _ 

-O PIO_ 

LadBnta-3700 206 

Land SacnflUa_1400 401 

Laporta. so GD2 

Lapal AQmmW ■— 466 377 

UojdiAfitay -_ 533 278 

Linda Bank__ U900 481 


London BaO._873 320 

Daria..3700 01 

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— UN 3=J -7 Eoabwn Bad. _93 2 M -2 

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_ 254 323 -2 SoahamWaM-27 398 -1 

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_206 398 +1 1700 MB -4 

— 1700 417 +t Sauan—._Z4M 312-7 

-1700 460 -S 7U_ 540 M4 -7 

-Uoo t» ‘, ti Grata- 1400 m -u 

-1700 246 -1 TEH _ 2700 136 -3 

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—.722 M -Tl Tata &Lyto-1700 380 -8 

— 460 968 +2 TajdorWMdnM- SB OS -I 

— 1700 B 2 D -10 Taaco- 2 jHXI 277 -7 

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— 366 659 -8 lift**_281 329 +1 

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13,000 HI -6 IALNnMV«_620 <*1 -6 

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21700 « -I Hartmg (SG)- 282 MS -3 

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t thinugh Via SEAQ aymsen yaatartfay urtH aJQpm. Timm at arm mlUon or 


THE withdrawal of GPA’s 
global share offer, the poor 
overnight performances on 
Wall Street and Tokyo, and a 
gloomy outlook for several 
leading UK stocks, combined 
to unsettle stock index futures 
in a volatile session, writes 
Joel Kibazo. 

On Its last full day of trad¬ 
ing ahead of today’s expiry, 
the June FT-SE contract 
opened at 2,571 and was 
briefly squeezed forward to 
2,574. But that momentum 

was curtailed as the market 
focused on the poor showing 
to other leading mark ets *>**d 
the news from GPA. James 
Capel was also reported to 
have had a sizeable seller, all 
of which caused a retreat to 
the June future. 

A rally was, however, seen 
late morning which sent June 
climbing to 2,575. But that 
petered out to the early after¬ 
noon after downgradings of 
profits expectations following 
a meeting at ICL leaving the 

contract to drift to the day’s 
low of 2£52. 

A rally just before the offi¬ 
cial market close resulted in 
June finishing at 2£65, a five- 
point premium to the cash 
market, as turnover reached 
10,844 loft. 

In the traded options mar¬ 
ket, trading to the FT-SE 
option, which expires today, 
took centre stage as a total of 
21.821 contracts were trans¬ 
acted out of the day's market 
total of 39,745 lots. 



Nobs MkE 
■Wort*' |Uw up to Hw \ 

&di 12V pc 1992- 


Trans 8 >* pc 1993- 


12**pe 199331 —l_: 

Tnn 13% pc 198333 — 

8 *2 pc 1994-L. 

1412 pc 1984**- 

Esch 13i« pc 1994- 

Tins. lOpc In. 1994ft- 

Bcb 12*8pe 1994- 

Trass 8pc1994f*_— 


Exdl 3pc Gas 90-55- 

10 >4 PC 1995- 

Tms !2fipc 1995tt— 

I4pc 1B96-:- 


l5Vpc 1998**- 


Tnas 1314 pc 1997tt_ 

En* 10b PC 1987- 

Rn to FM8M Y«*n 

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1954 980 

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2ftpc'09-(780) 133(1 ~A IMft 128ft . 4.8 438 

2*jpct1-(740) 138ft -ft 13* JJ 129ft 816 434 

2*28613-(882) 113R -ft IMft 106ft 4.14 432 

2 *2 pc 16_(613) 121* -a 121G 112ft 4.13 430 

2*28670_(830) 118* -ft Wft 8M 430 

2*apc74ff-(97J) Mft -ft 97* 88ft 412 473 

4*aPC’30tt_ (135.1) sty -A 91 Mft 481 423 

HteLoai3ftpcff- — 

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Traaa 3pc *96 Aft- 71*. — 

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188* 120ft 
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433 Mft 
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Prwpecttw real redempU 
10% and (2) 5%. lb) Fly 
indexing. (Ie 8 months prl 
reflia retuslng of RPl to H 
3.945. RPl for October 19 

Don rate do projected Inflation of (1) 
loans In paieoihesa stow RPl bne for 
iriar to Issoe) and haw been adjusted to 
1 100 In Januani 1987. QomeiShM factor 
1991:135.1 and for Mm 1992:139J 


+ar 1992 

+or 1993 YUd 
Pita) £ - hjpn low to ted 
ITS* -* tuft 105ft 983 956 

1D7* —5 IMft 100* U7 938 

1ft _ Til 102ft IBto 1034 

Mft - Mft Mft 988 

Mft - 98ft 90 832 

TBft _llfift 103ft TU2 

a +* 14XJ3 130ft 1884 1033 

+5 1718 112ft 1843 9« 

-* 184ft 95 ft U2 947 

-IMft llfift TUH 1048 

left _ Mft 30 1877 

Mft _ teft 27 9JZ 

IMft _ 718ft «Dft 1887 1034 

Mft — M 53 Ml 088 

m — n»ft 103ft - 537 

IN — INft 103ft - 5.10 

taft - 128 121ft 1338 1287 


The FT proposes to publish this survey in 
July 2 1992. 

The Financial Times is read by more senior 
European business executives than any 
other international publication. To reach 
this crucial audience and promote the 
vitality and commercial life of Merseyside 
contact : Ruth Pincombe 

Td: 061 834 9381 
Fax: 061 832 9248 
or write to her at 
Alexandra Buildings 
Queen Street 
Manchester M2 5LF 

r raoto n »ai m 
i at an aUaricA) i 








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Dollar slips on trade figures 

THE DOLLAR slipped over a 
pfennig against die D-Mark on 
the foreign exchange markets 
yesterday following news of a 
wider than expected US mer¬ 
chandise trade deficit, writes 
James Blitz. 

' The deficit widened to $6.97 
billion in April from a revised 
KU58 billion in March, sending 
the dollar downwards as the 
American markets opened. 
Earlier, in late Asian trading, 
the US currency had appreci¬ 
ated to over DML5S following 
short term positioning by dol¬ 
lar investors. But yesterday's 
trade figures quickly pushed 
the dollar down to a low of 
DMl.5630. The currency closed 
down at DM1.5650 against a 
previous close of DM15780. 

Underlying the dollar’s drop 
is uncertainty about the US 
economy. One London analyst 
said yesterday that he had 
revised downward his view 
that the dollar could bottom 
out at DM156. The economic 
recovery remains weak and 
speculation about another eas¬ 

ing of interest rates by the Fed¬ 
eral Reserve hangs over trad¬ 

Also playing on nerves is the 
strong candidacy of Mr Ross 
Perot for the US Presidency. A 
serious three-way contest for 
the American leadership 
makes it uncertain whether 
there will be a clear result. 
‘Investors will have little appe¬ 
tite for acquiring dollars before 
the US election is out the 
way," said Mr Neil MacKinnon, 
chief economist at Tamaichi 
International in London. 

The dollar's weakness was 
again a by-product of D-Mark 
strength. The Irish referendum 
on .European union, the result 
of which will be known today, 
continued to worry traders. 

The Italian lira had a bad 
afternoon, dipping below L758 
to the D-Mark, and threatening 
to test its lower limit in the 
European Monetary System 
against the strongest Currency, 
the Portuguese escudo. - In 
response, the Bank of Italy 
moved up its short term money 

market intervention rate by ft 
a per centage point to 145 per 

The D-Mark was also stron¬ 
ger against sterling, which 
closed down half a pfennig at 
DM2.9200. The French franc 
was also softer against the Ger¬ 
man currency at FFr35703- 
from a previous close of 
FFr35890. . 

Although it ended the day 
stronger against the dollar, the 
yen was weaker against the 
D-Mark, prompted by the over¬ 
night fell in the Japanese stock 
market Stocks ended at a 63- 
month low, with the Nikkei 
average barely above 16500.. 

Suggestions that the leaders 
of the Group of Seven leading 
industrial nations win can for 
a stronger yen at their summit 
next month are keeping the 
currency strong. But that 
strength may disappear if the 
Japanese economy weakens 
further. The yen closed down 
against the D-Mark at Y8059, 
compared to a previous dose of 

£9MM.Mtto if 1MK 

PliDf So ■ fee 
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CAF l/ume* MUROCment Ca Ltd 
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Si M» HwuapaoosH-—- 

8l SS 

Ir^r.rrrif* 1 

Dear Son. your gift of a Pelikan pen, 

1$ perfect in all respects. 

It makes me feel quite the richest of men, 

(Please note how ioell it writes cheques!) JOTTER 

QntflKU (nri m APT. OoctaR pries Am 


“Flwtlig me. liaa Oflidri rattGMJXJ $65.00 Yen per 1.000; French Fr. per ll Lira per 1.000: Briria Fr. per UXfc Penu pir 100. 

3-ntS. (Hath. 12-mth. 
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10 •HfllSanei- 

10 C. BoareACi 

10 Bdifeoq&Sfefeaj.. 

10 Ma Hedge Bad— 

20 0 LeopoldJitsq*4 Sob._ 

10 LkqdsBank- 

10 McghrU Bask lid- 


10 MOanUOaasbsM. 10 , 

10 UVasdBrt - -10 

10 MortBatfe_ 10 

10 HatWowmaer_ 10 

10J northern Bart Ltd—. 10 

10 Hjbedh Mortgage Bank 105 
10 Pmrincial Buk PLC — 14 

IOJ •SeaBratfan-10 

10 RodsigfeBirtLli.... 11 

20 HapIBWSCOM-.. 20 

10 0 Smith&WH1esn Sets. u 10 

10 Standard Chartered— 10 

135 TSB-.... 10 

10 Uribukpic—.. 10 

10 0 United BksfM..... 10 

10 Unity Trua Bat Pic-.. 10 

10 WesteraTrast_ 10 

10 WdtBvaLdtoi — 10 

10 YatiA* _ 10 

10 • Memhn of Brittt Ikrtant 
10 Banking & Searitles Hows 

No.7,877 Set by HIGHLANDER 


Bullish undertone 

THE BULLISH undertone to 
trading in the sterling cash 
market continued yesterday, 
even though the Bank of 
England forecast a large short¬ 
age which dealers took most of 
the day to remove. 

Period rates were a touch 
softer at the close of trading, 
perhaps because the market 
was still swayed by the Chan¬ 
cellor of the Exchequer’s com¬ 
ments the previous day. Mr 
Norman Lamont had suggested 
that sterling could enter the 
narrow bands of the European 
Monetary System, with the 
implication that a stronger cur¬ 
rency would make a base rate 
cut more likely. 

One trader felt that the 

UK dea r tBB hank tasa tending rata 
19 nir cert 

(nun Hay 5,1992 

expectation of a base rate cut 
may also have been 
strengthened by stock market 
difficulties in Japan, where the 
Nikkei average ended down 
40024 points at a 68-month low. 
The possibility of a drop in 
world stock markets 
encouraged some traders to 
think that central banks could 
ease interest rates to reverse 
the trend. 

Whatever the reason, the 
markets had a bullish 
undertone. 1 month money in 


OLM i-m. Jure 181 3 awM 05 <UI» 

6 art OS da (bn 

the sterling interbank market 
ended the day at per cent 
ftom a previous close of 1 Q£ 
per cent. 3 month money 
closed at 9ft per cent from a 
previous close of 10 per cent 

In the futures market, 
however, the September short 
sterling contract closed down 
two ticks at 90.24, while 
December was down one tick 
at 90.54. 

This was a less bearish 
performance than it might 
have been, considering that the 
market took the entire day to 
remove a shortage forecast at 
£1.2bn In the morning. Traders 
appeared to be unwilling to 
offer bills, perhaps holding 
their Ore before the even larger 
shortage expected today. The 
overnight rate spent much of 
the day around 12 ft per cent 

Again, the Bank dealt at the 
established rates of 9ft per 
cent for Bands 1 and 2, 9& per 
cent for Band 3,9g per cent for 
Band 4 and 9ff per cent for the 
repurchase agreements (repos). 

In early operations, the Bank 
purchased £7m of Band 3 hank 
bills and £S0m for resale to the 
market in equal amounts on 8 
and 9 July. The Bank then 
purchased £68tn in Band 1, 
£15m in Band 3, £7m in Band 4 
and £30m in repos. 

In the afternoon, the Bank 
purchased £692m in Band l, 
£5m In Band 2 , £56m in Band 3. 
£5m in Band 4, and £20m in 

Tfe fWag mam ite atdmtk waits nwW talk* nanrimt^lAmtb, tithe M ai oftatA rata farUOm 
gated to Ur h»*M 67 flie reftwsus fcwta at 1180 a.m. bk 6 mkHn itj. The banks ait Nation) WEdaitasur 
Bait, Brtt of Tokjv, Mfe Brtt, Basque HxUooal tft Paris tad Mvgn Goratbr fret 



Lunchtime ftumodi— 


Prlmrritf- 6b Tfcwiwrili-. 

Brafco low rale_ 6 SUnemb_ 

FaUtUS—-- 3U OoeTw_ 

Fcd-EadsathamriJOL.. - Iteriw _._... 






Treasury Bills and Bonds 

_ - urctw- 

...- - Fhcmr- 

_ 388 SIWJMC-.— 

- 381 UHwr- 

- 4 05 30j«r--— 

_ 4.89 ___ 

Bm*fc.. Z 




























Starling CDs. 

Local AuUnrltr Oeps.. 
Local Authority Bonds.. 


Comeaay Deposits 
Fhunce Hoik Demslta 
Treasurr BIfts(Btrri,„,, 


not let 


























— . 



10 . 


Fine Trade BlleCBuyl - 

Dollar CDs._ 

SDR Unfed Dtp. Offer. 
SOBUaked Oed- Bid ... 
ECU Linked Dflr.Offer. 
ECULlnfcedDep BM... 

& -a 

103 10 J 

29,1992-A*w«r«es for period itirteJ^ 1992 to 1992. Scfeme ljIi34B.c., 

Sehmes II &Tll; 1135 p.c Rrintnce rate for period May 1,1992 to Mw 29, MW, Sdjgw 
jViV: 10.122 ox. Local Atrihorife and Finance Hama sewn HayT notlct 
TlMd.-Flnaiies Nous Bah Rstalffif from June 1,1992; Bart OqWrtt IWfeftfwoa at sow 
days notice 4 per cent. Certificates of tax Deposit (Serte C0t Deposit £100000 m jwrWt 
wider one montli 7 per cent; ooe-three moodis 9^ per cert; tfe s -slx nwnihjVper |«LslMWe 


FT-SE 100 
Where next? 

Call for our current views 

CA1. Futures Ijd 
162 Queen 

Vicroria Street 

1 joadan EC4 V 4BS 
Tel: 071-329 3030 
B)x: 071-129 3QIB 

nwra/H 9 ptr cert; nfee-twriw nwntfts^9 pe 1 cent; 
Deposits wUMHvn fw cash 5 per eenL 


Tooboln juw bee tiukk- hi tww j»«r Rrunthl ButAnsdicr on hrip 

jwo.«aa Mtdud Murrey or baJcniriiB an 07l«287i33 Or write 

id wr 1C kxtnc Pie. WI Utmcoar (kmkiB. LanJun SWWOBU 




Currency Fax - FREE 2 week trial 

Civ Anne Whitby 
Tel-C7't-734 7;74 . 
Fes 37M39 49£6 

•a 3a. ’.Vn-tre- 

•C' CrOf! A'Jlji'S Lid 
’ £-w:i:r; Si-«i. Lcoccn WlR 'HD. UK - -ole scccui.sls to- OvC-r is 



Iv.vmi iiavk a Vikw, takk a Pi>siti<w 
Conrutz AMun Mrw ft 971-245 1010 
Pi«. WClerit'iP i mt. SVH19II. 
SftUMW Tw VlinilO Ittft 








CM 071*224 0489 


l Making a formal request Is 
hard work (IV 

7 Sweep backed tipped horse (3) 

B Neglect to include right ten¬ 
der (5) 

10 Chance it perhaps and put 
learner in this type of college 

it Studies'guide to visual prob¬ 
lem (9) 

12 The old bare a way with fer¬ 
menting agent (5) 

IS Brilliant stroke allowed for 
two lines (7) 

15 School is is Paris and work¬ 
ing (4) 

18 One offer quoted earlier (4) 

20 Current musical, I heard. U 
on the road - very il hwnna . 
ting (4-3) 

23 The pub in front of The 
Queen, dose to The Bull (5) 

24 Our being upset about hard 
one next door (9) 

26 He has hit on it and lives with 
liver problem (9) 

27 By the way, the beer is Oat (5) 

28 Sport not left to fork out (3) 

29 Madden people with time con¬ 
fusion ( 11 ) 


1 All fresh cod, all tailed in the 
open air (8) 

2 Not allowed to follow develop¬ 
ment stage, so gradually dis¬ 
continue (5,3) 

3 Opening a chain letter 
requires it (6) 

4 Pull towards stretch of land 

(7) ' 

5 Aromatic substance burnt in 
Same without a break (7) 

6 Nurse set about kid’s mother 

7 Originally a divine drink* but 
■new crate is poor (6) 

8 Close friend fed later, show¬ 
ing taste (6) 

14 A bride let off and set free (9) 
to Fix the medal an deck (g) i 
17 River on Tiree is off Ddfi&m 
again according to compass 

( 8 ) 

19 Presenter feUow has a high 
place (7) 

20 Red bps are pari of the trick 

21 Church dignitary an board (G) 

22 Irritable but smart sleeper is 
about to sleep ( 6} 

26 Hope always spore the eariy 
starters to rash (?). 

Solution to Puzzle No. 7 , 87 & 

□nHHoaaa qqbdqq 
g □ a a a n ra 
anasEQaa qeeudb 


aaaaaBuaE □qudq 
Q D □ Ei D □ L3 
aauu GfaoBHcin 

uj IlJ DJ n in o 

aaanoQd sdee 

Q Q III El □ r e 

n a n D 3 gaaHC3DL ! 'ai3 
tl u □ n ra ri ni n 

n a n B H B GHQnOGOa 
Li u o l=i n pi n 
OBaaBB nronmnninn 

2J210- -25 
<»,MO. -10 


-K ; r Amef —__;_73.60 • 

iS. . Co tor_54.10 •_ 

* ‘&H 0 R....v. 1640 -0.50 

0 kiWinmH IFih 111 

67.20 - -330 
44 JO -2_50 
41 JO" -240 

^w^UnKaMrCF«..>..10jq -«JJ0 

SUM Stook Mgh UtwCfaae Cfng 


AW pm prtess June Tfl 

QwWtoM Ifl COW Wdeea meriuw I 

1300 Abttbl Pi (15% 19% 15% -% 

3000 AflntcoEa JS% 6% 5% +1* 

37000 Alf C<U MS 0470 4H 430 

SOOO Albrta Eq Slab 12b 12% 

MOOD AIBNtGna 019b Mb Mb 

174300 Alcan A) 323b 35b 25b 

264500 Am Barr (32% 33b S2b +b 

15000 Mad in 011 10b 10b 

HI* iMCfeMCfaiB Sab. Stock 

110100 Bk Momr-I 
33O0» ftHMSe 
27400 BCOugwA 

62M0 BCE loos 

40000 Bahnanxt 
2000 BOR A 
36500 BMto'dtorB 
15100 BM VM*t 
10000 BP Canada 
170800 Braroatoa 
6800 Btmchi A 
82400 Breakwater 
96400 BC Tol 
33400 Btuneor . 
1700 Brunswick 

35000 CAE tad c 
26700 Cambtor 
1600 Cambridge 
1000 Cameco 
29700 CMO RM 
482200 CanimpBh 
1300 Can Ocdd 
346300 Can Pac 
1100 Can Tin 
CanTka A 
57200 Can UOI A 
300 Can Utt B 
87000 Cananm 
33800 Cantor x 
28000 CnPcFanat 
26600 Cars Op 4 

1900 Cawade. 

6300 (Mum* 
2200 CnW Can 
3600 ttwpxM" 
6000 Ontri Fd A 
SHUO Comlnco x 
3000 Coputatog 

S46b 44b 46b 

S21V zib 21b 
M Bb B 
(44 43b 44 

13 12 13 

Mb 6b Bb 
S13b 13b 13b 
511b 11 11 

M2 iib nb 

1IB 100 108 

116b Mb 16b 

51 45 46 

ns diab »b 
nab ieb isb 

(Bb s s 
SSb d3b 5b 

sab 8b ab 

SMb Mb Mb 
Slab Mb Mb 
60 68 53 

626b 28b 26b 
S»b 26b 28b 
(Mb IBb Mb 
SMb Mb IBb 
SM 17b M 
SMb Mb tab 
520b 20b 20b 
28 424 28 

*20% »b »b 

*27% 27 27% 

420 4415 420 
Bb Bb Sb 
S40<flBb 30b 
15 416 18 

335 330 335 

1)470 470 470 

521% 21 21 

60 50 60 

117900 Com 8y> SMb Mb 19% 

2300 CeaeanOav Bb 48 6 

1300 QrownX A 125 123 125 -C 

3000 Dantoon A 34 34 34 

2600 Darien £6% 5% 9% 

134900 Dotaco (13b 13b B% 4% 

10700 Domton Ta (8 (Bb 6 b -% 

9100 Donaar Im (7 8% B% -b 

300 Du Pont A *43b 45b «3b 
MOO OuKtaaOncA 270 270 270 -5 

91300 Edn Bed 97b 7b 7% 4% 
10300 Emco Lid (0% 9b 8% 

2700 Empire 510% 410 10% 

3300 Euro Nav SMb 18% Mb -b 

2100 PPt LM 350 4340 060 +K) 

27300 FatmWKVw Bb d7% 7% -% 

2500 Finning Si9b 13% 13% 

000 FUIM A Bb 9% Bb -b 

1B0O Fortfci 531% 21b 31% -% 

07100 Four Soon S20% 20% 20% -% 

15400 FrancuNev 127% 27 Z7b +% 

23000 OatacOo 14% 14% 14% 42% 

200 0*0*1 Ax 517 17 18V 

14600 Gland. GM 360 380 360 ■» 

14000 Orange. US 123 123 

7600 0m UMB. (14% 14% 14% 4-b 

108700 QuH Cdt H 56% 8b 0% +% 

zoo ow uai. 66 8 a 

17WJ Hanoi A. Mb Bb Bb 

300 NnUr Sd x 123% 23% 23% 

89790 Haas (ml Its a% 12% -% 

404000 HMa (fan I SB% 9% Bb ~% 

1200 HoMager 511% 11 n -% 

7B00 Homo Oil (Mb 18% Mb 

68400 Horeham nb 8% •% +% 

100 HwtMoHtS (6b 8b Bb 

500 Hudumfiay 520 25b 26b -b 

16100 Imaaco (35% 35% 3S% -% 

89600 imp OH (46% 45% 48% +% 

B37O0 Inca 530 38b Kb 

23500 tot Corona 55% 5b 5% +% 

11500 ImxvPtou 528 29 25 -b 

64100 tovaat dip 522% 422 71 -% 

1100 IvMO A 4(8 469 465 420 

200 Jeimoek (14% U% 14% 

400 KenAddb $15% 15% 15% 

208600 LataH 528% 26% 26% 

67600 LBC MM* 56% 5% 5% +% 

600 Lafarga 518% 16% 16% 

8100 LaMtow A 512% 12 12% 

TSTWn Lafcfaw 8 «2b H >2% 

300 Lxmni Bk 517b 17b Mb 

400 Lam Op 16% 45% 9% 
iSSoo Uwltari M •% B% 
48200 Lobhnr x SIS 17% 18 

MaH Uwdoaa Ckng 
24600 RyfTnateo M\ Bb 0% +% 

I bacm Bl 
I Magna iua 
i Marann 
I Mark Bn 
i nos m b 
F MataDMto 
I Minnows 
I MW Carp 
I Uotoon A 
I Mom Cup 
I Mumcho 

I NdfikCm 
l Mom. lad A 
I WrandaFor 
I NDnutoa 
\ NorcnB .12 
I HorcnMVtg 
I NUi Tala 
i Nonhgaa. 
i Nova Carp 
I Ftooco WSw 
I Numae CM 

I Ocelot A 
i One. Coip 
\ Osfctwa A 
pwa core 
Pagown Ax 
i kitoPn 

\ PncpPatx 
Pom. Core 
Powar Bn 

14400 Rang* Ctt 
4200 Rayrock 
1000 Raad Stan 
MOO Rattman 5 
103600 Raa'arenca 
46600 Rapap Ent 
3400 Rkl Algom 
201200 ffegwiCguB 
1400 Rothmans 
382000 RofaBkCm 
3Booo nyi om ib 

19 6% S% 
(18b 17% 17% 
(32% 31% 32% 
SlSbdMb 19% 
SIS 416% IB 
n% 5 5% 
(Mb 4M% 16b 
(U% U% 12% 
IM 616 16 

M2 177 160 

$53% 33b 33% 
123b 22b 23% 
9 6 9 

SB 8% 9% 
Kb 6% 8b 
K 7% 7b 
*18% 18% Mb 
323% 23 23b 

tab 20 % 20 % 

542 % 041% 41% 
re 75 77 

>6% 8% 8% 

»% 5% 8% 

485 460 485 

Si3b M% 13% 
57% 7% 7% 

*17% 17% 17% 
S8% 5% 6% 

400 396 400 

526% 26% 28% 
516% 16% 16% 

a a a 

513 12% 12b 
490 6420 420 
twb dl3b 14 
(19% M% 19% 
Kb Bb Bb 
«14b 14b 14b 

Kb 8% Bb 

n 7b a 
ta a a 
SI7 17 16% 
515% 15 16% 

4a 410 410 
*15% Mb IBb 
513% 16% Mb 
587 67 K 

523% 23% 23% 
159 160 IK 

1900 BUatCMA 
11300 scamraR* 
eooO SdodPapar 
10000 BmMHmx 
164300 smpmtCo 
45700 3tai» Can 
1800 ShaUCm A 
14800 Starts Q 
56100 BNC Omup 
3000 Sonar. 0X1 

3000 Soueunn 
37300 6(« Ami 
42100 Statco A 

8 % 9 % 

37 37 -2 

M% M% 

Mb M% -b 
32% 82% -% 
7% B 4% 
41% 41% -% 

0% 0% 

11% 11% -% 

iSS? a 

900 3» -6 

42100 Tack B x SMb 19% » -% 

26 B 00 TMagtoh. x SM% 13% «b -% 

34300 Thomson 514% d14b M% 

747700 to Dm it* (17% T7 17% 4% 

BOO 7wW*r 8* *21% 21% 21% -% 

2S900 ToMPNAm »% <»% Bb 

310400 TTanaAka 5M% 13 13% 

54300 Tmou P (17% 17 17% 4% 

600 Tflmae SSb Bb 0b 

28500 Trhac A 480 470 480 -6 

ao UAP A (17% 17% 17% -b 

MOO UntoaEnt 514% 14% Mb -b 

1100 U n lto d C nrp W% a% M% -% 

6400 UtdDomlnd («% 10% 10% -% 

8800 Vkaror R* « « « 

10K0 Wcout E *18% «ns% 18b -% 

S00MMGMI 536% K »% +% 

2300 WIC B x *16% 13b 13% +b 

I - Mo retina righto or rartrictad Mtog rttftta 

3.15 pm prlCBS Juna 18 

64300 Botnbrtlacfl (16% 16% 18% -% 

18800 Cambtor Mb B% 0% 

\ Cambtor Mb 
i cantow A 52ft% 
I CanMuconl *10 

DoaUnTU A M% 

B% 0% 


7% 0 

NaSk Can H% 

I pRWtgo 66b 
QuMacor A (14% 

iTttotfobax 113% 

i VUaoiran 116% 
lalaa 11.730J00 aha 

3% 8% —% 

3% 0b 
14% M% -% 

16% 13% -% 
10% 16% -% 


3287.76 3329.49 3354.90 3954 J6 

22Hm Beds 

9949 10048 99.94 



131825 134868 134340 



21242 214.63 Z15J2 


341301 4L22 

QJbptiS C2/7/32J 
100J7 54.99 

U90f92) 07UV8U 
inn nt in « 

Oman 0/7/33 

M QrSbtIs 0/1/60) 
$11 Watoj 11/1/88 

MR $M)H 0012JM 




U24.9 mi U314 IM 11 
nu 708.4 7OT.9 73&1 

fc) 4B.97 409JB 41L99 
Id HUB 98696 99252 

117622 1259.99 2202.46 120SJB 

*529 asm 


NYSE Qnpnitt 





AimxlUL Wuc 





NASDAQ Cotopadte 







AC Eton/01/12/82) 







AC 40 01/12/87) 







t CXiOlMi 



AZAkUn 0102/98) 



70S JO 



awntot a/12/53) 







IAX 00/12/87) 





02/2/93 O1/10/73 



47553 B/U 
1749.91 Q/l) 

1578.73 m 


14695707/11 13OA10/4) 


V«r ago (approx.) 

If-iL\■ 1 


Stock. CkMtag Change 
traded price on day 


C oca Cota 

4,784,900 4S% - 2% 

4306J00 39% ■ 1% 

3.90M00 16% ■ 5 

3.449,600 20% * % 

PM Up Monti 2,781.000 71 






4676,600 47% 
2^04^00 Mb 
2J5M00 42% 
2366.400 41% 
2328,700 16 


f Volume MM km* 

dun 17 Jim 10 Jun 16 

few York SE 2Z7J60 178J60 159.060 

Amo 13.472 10A37 10.406 

MSDAQ _ 190567 163179 132356 


tone Traded 2^57 2,249 2344 

Mrs 380 756 746 

Falls 1.423 955 913 

IhKhuqtd 454 538 BBS 

HnrHIfllE 25 40 32 

KnltoB 84 42 42 


TORONTO Jun Jun dun Jun 1992 _ 

_ 17 10 15 12 _ HIGH LOW 

Metals b inaerek 3125.80 316844 3174.53 3196.97 323847 06/1) 262646 06/4) 

Oonpedto 3368J9 340727 3409.77 340840 366640U6/U 331600(8/4) 

MONTREAL PortfWo 1770J2 179742 1799.90 1796.92 193749 QWl) 1727.04(8/4) 

NYSE All Conunon-50; Sumdard and Poor's-10; and 

. w 



K15E Ccnpcdtt W/4/86) 

CBS All Sto CEto 1965 




MtolUCnp (2/1/69 



JSE Gold (28/9/78) 

4SE lakBtrld 09/9/78) 


tore* Cum Ei MttfflB 

Affwwldai Bet 0/2/37) 


Ml Bo* ML 131/12/58) 
(MMiM ftiBflWftM 

Bxaggk SET 00/4/79 


4687906 (0 

1604556 00/6) 

27440 DVD 
192.40 Q/n 

71344 724iZ 73243 73540 I 7727400/5) | 60401250 

1499J8 153642 1578.48 1575J6 1 1580.95 tUA) 

407.00 410.44 41049 409J3 
11324| U524 11484 11474 

56)45 57672 579.95 57941 

24651 M&2B 24878 24640 

928.90 943JO 950J 9481 

0597 0637 0664 8Ul0 
6527 6557 6508 65U 

462870 4663.90 46377S 4672.49 

755.73 75679 74974 74347 

803.40 01/9 

97855 05/9 



74058 00) 

60170 as 





H.K.S + ar - 

TOKYO - Most Active Stocks 

Thursday 18 th June 1902_ 

Stocks Closing Changa Stock. Ctotlng Change 

Traded Pricee on etoy Traded Prtcaa on day 

Uaqi ua Prod74m 900 -FIB SunknowMetal. 3.7m 2*5 -3 

Nomura See_ A4ra 1490 -TO Otokyo Kanka80re 751 -IB 

Mariano* Ullk_ 4.401 075 *0 Toyota Motor- SLftn 1,440 -50 

Nippon Steal_ XBm 300 4 NEE Core ——— 24m 009 -23 

Chlyoda Carp_ arm 1,790 -20 MHautjiahi Hvy _.. 24m 540 -0 


Price data xuppHetf by Tetoturs. 



3:75- pm prices June 78 



tm wn» on* nw. 

HMiLbw fltodk nr. % ElOOa IM UwqortaCtote 

19% 11% AAfl Corp 049 3* 14 411 tt% «% Ob ->l 

26 3ft At. LA A i £w 4979 360 20%d»b 10% Hi 

ua usw « 571, m 

«BWS 68% «b 63% 

. s as i% i% 

ZOO 4*12 480 44% 48% 44% 

34% 28% UMt lab Off Z39antB 27% 27% 27% 

13% IJAbWbl Pr 060 ZB * 6 13% 13% *3% 

11% TO%AOf&tkix £96 6* 106 11% 11 


68% 90 AMP bn 

10% 00% AMR 
2% 1% AflX 
88% 40% ASA 


248 8% 9% 
330 9% 9 

327 W% »% 
242 9% 9% 

280 11% 




10 % 










10 %;. sH ACM Otdpp» aw &2 
0% 0%'MMOrtSp ZOO ZB 
11% f0%ACWM«t 0*8 £8 
9% -0%ACMUtaa 0*5111 __ .. . 

n% tO%AMtoa^i 1*8 13 280 11% 11% ”% 

(1% 6% Acme Cto*a 040 6*26 34 7% 7% 7% 

8%- <)>AcmM 3 72 4% 04% *% 

38% 18% Aeuaon 132238 21% ffl% 90% 

«% 18% Adame Expr 048 2* 0 72 TO% W% 1ft 

48%'38% AO Micro ZO010.0 2889 30% 430% 28% '8% 

21 % i4%AdM«op aooaas sww s% «% 9 -fi% 

9% BMwraGrgaUI 2*61 27 8% 6% ft 

38 33AegoeADR TjBB 4* B 4 35 35 34% 

- <7»%/U<naU £73 08 71847 4| 40% 40% 

12 8% AMI A 024 2411 983 10% 9% 10% 

«% 24ABW 044 LSMIMO 28% 27% 5% 

18% 16% AAiiumoii 008 04 71006 18% W% *8% 

' 22% 8% Atetn IK 6 290 8% tfft 8 

48% 88% Air Pr COm O00 1* W1S77 45 43 43 

28% MMAM ftl 080 ZO 12 288 14% 14% 1ft 

34% 22% AIrga (no a 248 M% »% 81% 

18% 9% AirtMM 1*8144 B 33 11% »% 11% 

>04 88% AIbPmOM 8.18 0.1 3 101 101101% 

26% 21%AMPwPtA ZOO 80 11 “59% 20% »% 

187102% AUPwOM 8.44 90 ZIOO 102%«02% 108 -*8% 

100102% Alab Pw II 
108%-lOl% AM Pm OP 9*0 07 
TOOlOftAtahMOC &2> 0* 

11% 10% AlaPwOpPI 087 0.1 -- ... 

33% 17% Alnha Atr 030 lima 380 19% »% 18% 

31% 14% Albany tot 038 24 34 80 UV 414% M% 

32 22 AlCufvr a 034 1.1 18 67 22% 021% 22% 

26% fc)V NCtavr A 034 13101906 20% 420% 20% 

44% 38% AlbertaM* 084 7320 938 40 88% 30% 

22% 18% Ak*, Atan 030 £8 701204 21% 21% 21% 

42% 33% Aten Stand 0*2 23 18 071 30% 39% 38% 

23% 18% AtoxSrown 0.40 23 * 872 ie% 18% 16 

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15% <04% 
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15% 18% 
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11 % 

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9% 1% LTV £00 
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ov 5% lk mm 

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19% 11 % Laaronrt 
30% 23Lae Brtarp £70 £0S 24 

20% tgblegoMtex OM 1* ft 13 
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28% 17% Lennar Crp £12 0* 17 UT 
22 % 12% Lesley Fay ■« 

11% W% Liberty AS LOB TO* 662 
31% 20% Lterty t£ x 0*0 1.713 M 
0% 14%tteoma 8 616 

0% 04% LO* £20 34 138298 

32% W% Ltodtad OS 1* 1943K 
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110% Ita% Loewe Cora < 00 09 7 718 
21% 14% Legtoon x OS IS 0 78 
11% 8% LomaeftaCp 808 

2% % LonmalHattOSIBBA 0 88 

5% 3% Lena Star 0 378 

29 77% UeL 2-65 £05 94 M 

28% 20% Long££43 £43 0* 11 

28 SLeogR*47 247 ft* 0 

05% 94 Longure as a* a 

106% KBbUBLM 0*0 £3 2 

24% 22%UxTOUM|X 1*0 7 A 117285 
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16% 13% Lengvlaw F £40 2*30 241 
30% n% Loral Corp OS £0 7 178 
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37% 25% Lake Land 1*0 £975 141 
47 S% Lenta Pro 0*0 1*23 901 
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19% N% 19% 
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45% 45% 45% 
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54% 43% MBtA too OS 1*12 SB 91% __ 

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12% 10% MQt Prop 0*0 7* 17 44 11% 

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2% 1% MHI Group ' 12 129 1% 

12% 4% IMC FlnaM 1.161L2 £4420 ' 

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19% 13% Mantel 0*0 1*2206117% 

83% 71% Marah6McL£70 £617 641 76% 
94% 2ft Mantel! 14 192 29% 

96% SOM Marietta IS £9 8 964 52% 

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29% 25% ltoea tall Cp 2S104 7 

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110% 93% Metauatrita 0*7 00 21 20100% TOO TOO 
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40% 33V MaiM PI 4 LOOM 41 40% 40% 40% 


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(Mdend a mounti n g 10 25 porcant or mam hats bean paid, me 
yaarie hlgthoniy range and dvidond are shown lor the now 
slots* only. Unteen otherwbw noted, rates ot dMdend ere 
enmiel dsburaementt based an ate leieet deetamUan. Sates 
flguraa are unodldtd. 

•dMdend atao xtrafst-i+annuai ratt al rflvtdend plua auck 
mvidand. odquidadng dMdand. ckKalladL d-new yearly tow. 
e-dlvidend declared or paid In preceding 12 moMha. gdhri- 
dood in Canadian herds, subject to 15% nonresidence tat 
bdMdend declared attar apDHqi or stock (RvUentf. fdMdond 
poW (No year, omitted, dota r rad. or no aedan taken at teteot 
dMdand meeting. k-<Svklend declared or paid Ho year, an 
acosnuiatfva faaua won dMdsndi fc> arrears, iwntw issue in 
Big peat 52 waa ln The IrigMow range bsgtna wtttithaatariol 
trading, ndmaxt day doflvary. PTE nrice-eernings redo. rdWI- 
dand de clare d or paid In preoe<aag 12 monim. phis stack 
dMdand. s-etock saOL Dividends begin with dale o) spa. 
sit-sales, idhridand paid In stock In pracadbig 12 monmo, 
a sOma tad cash vttua on ex^Mdond or ax-dtatribudon dote, 
u-naw ywariy Wgh. wading hahad. vMn bankruptcy or 
raoalvarehlp or bohg reorgantaed imder me Benknjpry Act. 
or oacratOas aaaumad by ouch oorapaidoo. wcMbMbottd. 
wHriwn Waned, ww-wtm warrants, t-ex-dMdend or aieflgntt. 
■ d ta eta dta rtbutloiL xw-without warrants, ynw d M dand and 

■if Ilf 

; SV ;* j 


3:15 pm prices June IB 

Pf Ola 

Stock dm e Idas Mgb 
Acted Cpr -0.3 6% 
Ak Expr £16 1* 08 28% 

AMo Ino • 2 94 - .1% 

Mftm toi 143 18 2% 

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Jafaftx 194 5 1280 5% 

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. -% Porini OJBO 37 40 12% 12% 12% 

+% PdMPi 1.14 16 7 13% 13% 18% +% 

PWLDx £24 15 909 38% 30% 30% -0 

. AbreA> 1.10 15 24 20% 20 20 

17 Pty Own 0.12 22 84 11 10% 10% -% 

ZT* PMC £04 14 4 9% dB% 8 % 

^ PteakSdA £10 1 46 2% 2% 2% 

fttoiG* 0 » A d& & 

M 13% 15% -% 

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AAA 8jw Com 

1 % 1 % 1 % -% *wl B 

8 % 3% 3% 

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M% 10% M% -% 

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385 -15 


27% 26% 27% +5 Qdattct A 288 17 
1% 1% 1% +5 Ottttn £34 29 138 
2% 2% 2% +% Iom Corp £14 7 70 


6% 6 
a 28 
0% 05 

2 183 4 8% 4 

0 22 2 1 % 2 

198 8 23 32% 32% 32% -% 

23 2 14% 14% M% +% 

11 10 3% 03% 8% 

2 14 1% 1% 1% 

£40111 64 TO 10 U 

£32 40 137 81% 31 31% +% 

108 37 7% 7% 7% +5 

28 1127 25% 28 2S “% 

£40 19 66 7% 07% 7% -% 

0 219 2% 2 2% 4% 

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16 £28 6 5 5 

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d !■ mk » •’n;« 


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■j- 2-JtV »l 


The FT proposes to publish this survey on ^ ^ 

This survey will be seen by leading international businessmen in 160 countries worldwide, including Switzerland 
where it will be widely distributed. 

In Europe 92% of the professional investment community regularly read the FT. 

if you would like to promote your company’s involvement in this region to this important audience, please contact 

Nigel Bicknell or Simone Egli in Geneva 
on .731 16 04 Fax 731 94 81 
or Patricia Surridge in London 
on 071 873 3426. 

Dala wwi-c.-Tf*’ Pro/esslona! Imntment Ccnwwtity Worldwide 1991 fMPG Ini'i) 

"rf SIJRVEYS**1 


3:15 pm price* June 18 

Pf St* 

Dtv. E IOOi High Low 
04* 18 7U 32% 0915 
£10 71 3 14% 14 

100 VO 0% 6% 

69 23 10% 10 

32 IT 16 145 
91 8S3 22% 21 

26 753 3S5 34% 
45 68 6% 8 

010 17 212 1S% 011 % 
032 20 4/04 47 45% 

032 4 7080 9% 8% 

9 113 0 6% 

7 IS3 6 065 

17 203 B% 0% 
IB 771 215 »5 

£» 12 928 17% 105 
W 1740 17 010% 

0 604 % di 

20 17K 10% 16 

19 10 105 0% 

007 1 MO 4% 4% 

1.42 11 684 435 43 

12 1372 18% 017 
099 II 773 25 23% 

32 MS 6% E% 

£40 13 XlQO 31% 28 

14 1132 16% 17% 
190 17 171 20 10 

£80 14 228 M% 15% 
£32 8 224 6 09% 

3 110 1A 0 

12 719 12d1l% 

090 0 IBS K% 10 

SB 2 19% 18 

18 43 23 22% 

24 22 14% 13% 

028 16 271 12% 12% 
£78 13 2837 30% M% 

10 136 2 61% 


198 B 103 42 40 5 

33 2260 27% 26 

7 381 8% 00% 

23 161 2% 2% 

30 1384 U625 62% 
37 7128 64% 63% 

48 1634 16% H 
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13 401 10% 105 
096 IS 79 17% 165 
£06 8 220 12% 135 

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£20 14 203 95 85 

32 2574 13 % 013 

21 6821 20 18% 

£48 1723562 49 047 

096 26 1220 M% 155 

49 78S <3% 12% 

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£14 16 37 10 0175 

1 248 75 7% 

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£04 0 28 27% 20% 

0.20 28 70 18% M 5 

0.48 22 62 14% 13% 

£64 M 109 29 27% 

103 378 11 d19% 

131 388 6 7% 

tan in 155 014 

614411 15% dt3% 

• n 66 010 % 95 

£46 13 443 26% 24% 
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24 241 6 % 6 

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91% -5 
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INDIA 1992 

The FT proposes to 
publish this survey on 
June 26 1992. 

This survey will be 
read in 160 countries 
worldwide, including 
India where it will be 
widely distributed. In 
Europe 92% of the 
investment community 
regularly read the FT. 
if you want to reach 
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071 873 3238 
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Data soum: Profess!umt 
Inmtmm! CammeJn 1991 
fUPG tor'll 





Friday June 19 1992 



Dow recoups 
early decline 
by midsession 

GPA, Maastricht add to continental caution 


Wall Street 

■ v-. 

IN SPITE of further declines on 
overseas markets and concern 
about the impact today's expi¬ 
ration of derivatives contracts 
would have on US equities, 
share prices managed to hold 
their own yesterday, writes 
Patrick Harverson m New York. 

By 1 pm the Dow Jones 
Industrial Average was up L33 
at 3,289.09, a recovery from 
early morning losses, when the 
index had been almost 20 
points lower. The more broadly 
based Standard & Poor's 500 
was also slightly firmer at the 
halfway mark, up 0.47 at 402.73. 
The Amex composite, however, 
was down 1.37 at 37857, but 
the Nasdaq composite rose 0.10 
at 553.34. Turnover on the 
NYSE was 135m shares by 
1 pm. 

After opening lower follow¬ 
ing the big declines in Tokyo 
and London, the market found 
little comfort in the day’s eco¬ 
nomic news. The April trade 
deficit of $7bn was wider than 
expected, while the decline in 
weekly jobless claims was 
smaller than forecast and 
indicative of a weak labour 

One feature was investor 
wariness about buying ahead 
of today's expiration of futures 
and options contracts . With the 
market In its current vulnera¬ 
ble state, there was concern 
that the expirations, always a 
potentially disruptive force on 
underlying equity prices, could 
send share prices into a pro¬ 
longed tail-spin. 

Among individual stocks. 
Advanced Micro Devices 
plunged $5 Vi to $9% in turn¬ 
over of 4.4m shares after a fed¬ 
eral jury ruled that the com¬ 
pany cannot use a piece of 
Intel software in its clones of 
Intel microprocessors. The 
news lifted Intel $3V4 to $51’A 
In turnover of 5 An shares. 

IBM rose S3V4 to $95% after 
an earnings upgrade from 
broking house Merrill Lynch, 
which raised Its 1992 and 1992 

NYSE .volume,; r : >; 

Daily (mflioni *' ;': : = 
rep- i.' V ■ - ■ 




profits estimates for toe com¬ 
puter group to $795 a share 
and $9 a share respectively. 
IBM's gains boosted other Mg 
computer stocks, with Hew¬ 
lett-Packard adding $2% at 
$67%, Digital Equipment rising 
$% to $37% and Compaq put¬ 
ting on $% at $25%. Apple, 
which like Intel is quoted on 
the over-the-counter market, 
rose $1% to $49. 

Sundstrand, well bid on 
Wednesday following positive 
analysts' comments, fell $1% to 
$36% after the company 
announced plans for a 60 cents 
a share restructuring charge in 
the second quarter. 

On-the Nasdaq market, J & J 
Snack Poods slumped $3% to 
$9% after warning that third 
quarter earnings will be below 
the 20 cents a share posted a 
year ago. 

GPA’s aborted flotation and 
the Irish referendum on Maas¬ 
tricht took their toll on bourses 
yesterday, writes Our Markets 
Staff. Frankfort was dosed for 
a holiday. 

AMSTERDAM saw Philips 
down another FI L20 at FI 2990 
following Wednesday's profit 
warning with the shares expec¬ 
ted to fall further today on toe 
expiry of options. Volume was 
estimated at some 4£m shares, 
broadly the same as the day 
before. The CBS Tendency 
index was 1.6 down at 125.8. 

ELM’S transatlantic - price 
cuts on flights originating from 
Ihe US sent the shares lower. 
The airline was also rocked, by 
Speculation that a US airline 
was about to file for bank¬ 
ruptcy: ELM has a 20 per cent 
stake in Northwest It closed 
down FI LIO at FI 38.10. 

Some analysts said that the 
withdrawal of toe GPA flota¬ 
tion would have less effect on 
kt.m than on Fokker, down 
FI L30 or nearly 4 per cent at 
FI 3290 because of the latter’s 
exposure to regional airlines 

FT-SE Eurotrack lOO - Jim 18 } 

Hourly changes 

Open 1090am 11 am 12 pm 1 pm 2 pm 
115194 1151.40 1150.69 1149.96 1149.71 1147.41 

3 pm dose 
1146.47 114598$ 

Day’s High 1152.25 Day’s Low 1145.® 

Jim 17 

Jun 16 

Jun 15 


J an 12 

Jun 11 

■ value woo (anono). 


which depend ' on leasing 


Elsevier closed FI 2^0 lower 
at.FL 107® on rumours that Mr 
Cornells Alberti, an executive 
director at Elsevier and tipped 
to become chairman, was to 

PARIS ended lower after a 
volatile session as investors 
sold out, troubled by weakness 
on other markets and Maas¬ 
tricht doubts. The CAC-40 
index went as low as 1,880.51 
before closing 17.04 down at 
l®L80, .lts lowest dose since 
February 17. Turnover rose 
slightly to FFr2.7bn. 

Michelin was one of the 
day’s more prominent losers, 
falling FFr6.7 or 3.4 per cent to 

FFr1935 ahead of its annual 
shareholders's meeting next 
Thursday. Alcatel, another 
widely-held blue chip, lost 
FFr13 to FFr617. 

Among smaller stocks, Hach- 
ette lost FFr3.4 to FFH2B.7 in 
spite of the company's forecast 

of a return to profit this year.. 

MILAN started about 0.5 per. 
cent ‘ higher, following the 
favourable political develop; 
meats an Wednesday, but later 
came back slightly in view of 
the weakness on foreign mar¬ 
kets. The Comb index rose 2.1 
to 471.79 in turnover estimated 
at between L90bn-LB5bn after 
L88ba on Wednesday. 

Trading on the screen sys¬ 
tem was delayed by one hour 

due to problems with the tele¬ 
phone lines linking the net¬ 
work. Sip was toe most heavily. 
traded on the system,'losing 
L73 to Ll ,278 in 7.02m shares, 
on fears that the reorganisa¬ 
tion of the sector would take 
longer than expected. 

Weakness in the Italian bond 
market, following Wednesday's 
devaluation tears, put pressure 
on the banking sector. Banca 
Commerdale fell L65 to 12,955 
and Credito Italiano lost L48 to 

ZURICH was relatively resil¬ 
ient. the SMI index closing 10.6 
lower at 1,862.5 in moderate 
volume. Registered shares in 
Ciba-Geigy, SFr30 lower at 
SFr3®0, topped the active list 
Other chemicals were also 
lower with the exemption of 
bearers in Merck which rose 
SFrIB to SFr696 on buying by 
one small Zurich-based hank. 

Swissair extended losses 
from midday to close SFrl2 
lower at SFr720. The airline 
said on Wednesday that it 
planned to cut 400 of its 6,000 
administrative jobs. 

HADED) weakened in mod¬ 
erate volume, the general 
.index losing 1® to 246-51. 
Rumours that the chemicals 
group Ercros may file for bank¬ 
ruptcy drove the shares down 
Pta33 or 15 per cent to Ptal®. 

STOCKHOLM fell ahead of 
the midsummer holiday today. 
The AffArsvdrlden General 
index fell 14.40 to 928.90 in 
moderate turnover of SKr430m, 
of which trading in Astra 
accounted for SErdQm, as yes¬ 
terday was the final day for 
trade in Astra restricted 
shares. All Astra shares will be 
unrestricted from Monday. 

OSLO suffered its 13tb con¬ 
secutive decline, depressed by 
fails on the foreign exchanges. 
The all-share index dropped 
6.51 to 417® In trading worth 

Norsk Hydro shed NKrJLSO to 
NKri62. UNI Storebrand, 
which asked the government 
for permission to hold its 28 
per cent stake in the Swedish 
insurer Skandia beyond June 
30, saw its A shares drop NKr3 
to NKr39. 

against the trend, the KFX 
index closing 0 ® higher at 
89.03 after a modest recovery 
by bank and insurance shares. 

The insurer, Hafhfa, in deep 
trouble because of unrealised 
losses on its large stakes in 
Baltics and Skandia, saw its A 
rise DKri2 to DKrl42, mainly 
because of the rise in value of 
its 33.5 per cent stake In Bal¬ 
tics, whose shares rose DKiffl 
to DKr460. 

Danske Bank and Unidan- 
mark edged up in quiet trad¬ 
ing, mainly because toe domes¬ 
tic bond market stabilised. 

HELSINKI'S banks were 
another story. Free shares in 
E0P, one of Finland’s largest 
banks, tell FML2 to FM8 as the 
Hex index closed 17.7, or 22 
per cent lower at 769.2, 
alth o ug h traders said that trad¬ 
ing was extre mely thin. 

ISTANBUL jumped by 2.7 per 
cent with the 75-share index 
dosing up 95-52 at 3,61454, its 
highest level for over a month. 
Turnover was estimated at 
TL206.7bn from TL144-8bn. 

A- - 


Nikkei loses 2.4% despite buying by investment trusts 



TORONTO struggled back 
from early morning weakness 
in moderate midday trade. 
Most sectors suffered losses, 
with the consumer products 
and communications and 
media indices hardest hit by 
slides in their heavily-weighted 
issues. The TSE 300 was off 
105 at 35575, op from a morn¬ 
ing low of 35495, in volume of 
14.68m shares valued at 

THE NIKKEI average set a 5%- 
year low for the second consec¬ 
utive day as a drop in the 
futures market prompted fur¬ 
ther arbitrage-linked selling, 
writes Emiko Terozono in 

The 225-issue average lost 
40054, or 2.4. per cent, to 
1654556. The index fell to the 
day's low of 16,03051 in the 
morning session on. arbitrage 
fleHing and Ij qiddatfon of hold¬ 
ings by corporations and finan¬ 
cial institutions. 

Heavy buying in the after¬ 
noon by investment trusts 
helped recoup the losses, and 
the Nikkei rose to 16,403.65. 
However, the improvement 
was eroded by selling by a 
leading US broker towards the 
end of the session. 

Volume rose from 288m 
shares to 330m. Foreign inves¬ 
tors, who until recently have 
been buyers of the Tokyo mar¬ 
ket, were seen selling real 

estate, securities and bank 
shares. Traders said foreign 
Interest towards Japanese 
stocks was waning, although 
liquidation of holding's is not 
expected in the near term.' 

Declines outnumbered 
advances by 905 to 118, with 85 
issues unchanged. The Topix 
index of all first section stocks 
dropped 3057, or 2.4 per cent, 
to 154554. but in London the 
LSE/NIkkei 50 index put on 4.46 
to 978.04. 

Comments by Mr Yasushi 
Bfieno, '■Bank 6f Japan gover¬ 
nor, ruling out scope for a cut 
in toe official discount rate 
also discouraged investors. In 
spite of the denial, however, 
the sharp foils in share prices 
raised hopes of monetary eas¬ 
ing among bond market partic¬ 
ipants. The yield on the 129 
10-year benchmark fell to 5595 
per cent from 5.42 per cent on 
hopes of lower short-term 

However, stock market par¬ 
ticipants ignored movements 
in the bond market Traders 

said buyers would be absent 
while the selling by arbitra¬ 
geurs and institutions contin¬ 

A total of 21 2 shares fell to 
the year’s low, as was the case 
with Nippon steel, Y5 cheaper 
at Y260. 

Ramona that loading Japa¬ 
nese brokers had revised down 
their naming s forecasts for the 
leading, steel companies 
prompted selling. Institutional 
investors sold holdings of lead¬ 
ing blue chips. 

Daikyo, the condominium 
maker, weakened Y19 to Y78L 
The issue fell by its daily limit 
on Wednesday as rumours that 
the company faces financial 
trouble calculated in the mar¬ 
ket Although company offi¬ 
cials denied such rumours, 
traders said investors 
remained pessimistic about 
Daikyo’s business prospects. 

Roil estate companies were 
also weak, with Mitsui 
Fudosan finishing Y 55 down at 
Y830 and Mitsubishi Estate 
retreating Y21 to Y779. 

In Osaka, the OSE average 
declined 358.77 to 19,14356 in 
volume of 225m shares. 


WEAKNESS IN New York and 
Tokyo unsettled Pacific Rim 
m arkets . 

NEW ZEALAND closed lower 
as investors, already scarce 
ahead of the July 2 govern¬ 
ment budget announcement, 
were further discouraged by 
weakness on international 
markets. The NZSE-40 index 
closed 1455 down at 1,515.95 
in turnover of NZ$24.9m 
(NZ$29.6m). An exception was 
Brierley Investments, a cent up 
at 97 cents on the day’s heavi¬ 
est volume of 6.7m shares. 

AUSTRALIA held up fairly 
weQ in the lace of the sharp 
declines in New York and 
Tokyo, the AU Ordinaries 
index ending 65 off at 1,6245 
after an early low of 1 , 616 . 1 . 
Turnover was steady at 
AS271m. CRA fell 12 cents to 
AS1454 after reporting that a 

strike had closed iron-ore pro¬ 
duction at its Hamersley unit 
in Western Australia. 

MANILA continued its down- ■ 
ward correction as the compos¬ 
ite index shed 36.04 to 1,499.78 
In turnover of 184m pesos , 
after 264m. The decline was 
triggered by a $2,125 loss to 
$39,625 for PLDT in overnight 
trading on the American Stock 
Exchange. It ten 45 pesos to 
1,045 pesos in Manila. 

HONG KONG also extended 
its retreat, the Hang Seng 
index tumbling 49® to 5.796.10 
in steady turnover of 
HK$2.77bn. Utilities were 
sharply lower Hongkong Elec¬ 
tric lost 40 cents to HKJ18.60. 

broadly lower in light trading, 
the composite index slipping 
8.69 to 596.50 in turnover of 
M$i03m (M$l86m). Telekom 
Malaysia declined 30 cents to 
fi£$I&70 and Tenaga Nasional 
25 cents to M$850. 

SINGAPORE fell on profit- 
taking. The Straits Times 
Industrial index closed 1151 

down at 1,506.03 In turnover of 
S$112.4m (S$1405m). Shipping 
stocks were among the most 
actively traded, joining ship¬ 
yard issues on the list of losers. 
Hotel shares were also sold 
after a local report that occu¬ 
pancy rates have slipped in the 
second quarter. 

TAIWAN firmed in light 
dealings as late bargain hunt¬ 
ing overwhelmed midsession 
declines. The weighted index 
gained a net 2458 at 4,628.78 as 
turnover shrank to T$28bn 
from T$365bn. SEOUL dropped 
in cautious trading. The com¬ 
posite index fell 1257 to 56355 
in turnover of Won2ll.5bn, 

after Won326.5bn. 


JOHANNESBURG dropped ill 
nervous trading. The indus¬ 
trial Index fell 51 to 4,494 and 
the overall index was off 43 at 
3557. Urn gold index dropped 
20 to 1,132. The gold share 
Venters jumped- 30 cents to 
R155 In speculative trading. 

Italian volume continues recovery 

William Cochrane reviews last month’s European equity turnover 

M ay was a volatile 
month for equity 
turnover on Euro¬ 
pean stock exchanges, with a 
weakening In Belgium, France 
and the UK balanced by gains 
elsewhere. But even the win¬ 
ners were riding for a fofi. 

Italy put up the biggest 
increase in trading, turnover 
rising by 30.7 per cent, extend¬ 
ing and accelerating a 25.4 per 
cent gain in April after an 
exceptionally weak March. It 
had periods of excitement, and 
stock market rallies in May on 
the hopes of a recovery in 
political stability and in the 
economy longer term, seen par¬ 
ticularly in industrial shares in 
anticipation of these events. 

“People thought that Italy 
must have seen all the bad 
news," says Mr James Cornish 
oE County NatWest, which pro¬ 
duces the monthly turnover 
figures, “but the change in sen¬ 
timent came ahead of any 
ch a n g e in reality." The Danish 
"No" vote to toe EC Maastricht 
treaty brought tear back into 
the Milan bourse at the begin¬ 
ning of June; it had already 

been severely incapacitated on 
June 1, when the screen trad¬ 
ing system was knocked out of 
commission by heavy ram- 
storms and lightning. 

The Netherlands, up 205 per 
cent, was helped by the oil 
price rise and the boost in trad¬ 
ing which this gave to Royal 
Dutch. There is a sense in 
which a market so sensitive to 
oil, the US dollar and the per¬ 
formance of its bfo: interna¬ 
tional stocks seems never to 
have a domestic story of its 
own to telL 

“There is a good story to be 
told about toe Dutch domestic 
equity market," says Mr Cor¬ 
nish; but he reflects wryly 
that, this month, it seems 
likely to be submerged in this 
week’s further, painful chapter 
in the Philips saga. 

Germany, in May, put on 16.6 
per cent as the threat of a 
metalworkers' strike was 
averted. In this, it effectively 
returned to toe January/March 
level after a nervous April, hut 
once again, as in the case of 
other European bourses, its 
June trading has been seri- 

Monthly total In local currencies (bn) 




































■»-«*— -* Q— 

























r p una— — end aatae. 

ItmHu Omta MOfiJKod to Inaudm oB-nmrtnl truing. 
6oonx County Nnrnfut WOo&tmo. 

Soma Bourse may be revitatL 

ously affected by worries about 
EC stability - after toe Danish 
vote, on the run-up to yester¬ 
day’s Irish referendum and In 
the prospect of a French ver¬ 
sion in September. 

Political stories were also 
reflected in the UK and France, 
the former foiling by 14J per 
cent as the post-election spree 
evaporated and the latter 
declining - by 10.7 per cent fol¬ 
lowing the April euphoria on 
toe appointment of Mr Pierre 
Beregovoy, as prime minister. 

Belgium dropped by 20.6 per 
cent Here, the market was still 
up on the average for the pre¬ 
vious 12 months, and Mr Sebas¬ 
tian Scotney, Belgian specialist 
at Dillon Read, says dividend 
dates were behind the decline: 
“Quite a lot of the market goes 
ex-dividend during May, and 
the dividend-interest buying 
which lifted April was replaced 
by post-dividend languor in big 
blue chips such as Petroflna, 
Electrabel and Soctete Gdndr- 
ale de Banque.” 


Jointly compiled by The Financial Times Limited, Goldman, Sachs & Co., and County NatWest/Wood 
Mackenzie in conjunction with the institute of Actuaries and the Faculty of Actuaries 





Figures In parenthimu 
show number of lines 
of stock 


□ay's Pound 

Local Local 

Dollar Chany* Starting Y«* DM Corrancy % dig 





Dattar Marling Van 



Max Max Max Max on day YMd Index Max Max Max 

Currency 1882 






Australia (68) ... 

Austria (19).. 

Belgium (461.......... 

Canada (115).. 

Denmark (35). 

Finland (15)__ 

France (104)......... 

Germany (35)_ 

Hong Kong (55).... 

Ireland (16)_ 

Italy (78)... 

Japan (4?3)..~... 

Malaysia (B9)...„ 

Mexico ( 10 ).. 

NeBiertand (25).. 

New Zealand (14).. 

Norway (23).. 

Singapore (38)- 

South Africa (61). 

Spain (SO)___ 

Sweden (27)... 

Switzerland (63>... 

United Kingdom (227)..., 
USA (522). 

... 148.61 




... 171.61 




... 14258 




... 125.61 




- 23151 







... 159.51 








... 24651 








.... 8951 








.... 241.48 




,.. 1486.64 


1190.74 1T9553 

.» 16248 




... 4654 




... 17959 




— 220.08 

+ 0.0 



... 237.10 

+ 15 







.... 193.30 




... 10801 




._ 183.14 




._. 183.89 


























122158 608055 
182.97 131.42 






















- 1.1 






- 0.1 





- 0.1 







452 14752 
259 174.04 
655 143.75 
359 12753 
1.92 236.47 
2.03 7823 

353 162.55 
227 12557 

354 24080 

458 15950 
357 8959 

1.08 101.05 
067 24154 




























































1.13 1527.05 121750 1223.00 1244.06 5207.47 1789.77 137091 1009.94 

457 16552 
4.99 4029 

1.68 182.42 
155 28017 
2.76 23352 
028 155.11 
2.73 197.08 
225 10043 

452 199.12 
356 16025 

































































Europe (753).. 

Nordic (100)... 

Pacific Basin (718)..... 

Euro-Pacific (1511),,..-,. 

North America (637). 

Europe Ex. UK (S 68 ).__.. 
Pacific Ex. Japan (246).... 

World Ex. US (1705). 

World Ex. UK (2000). 

World Ex. So. At. (2166).. 
World Ex. Japan (1754)... 





- 1.8 

■12 12258 
■15 141.67 
■1.4 129.17 
-15 10352 
-05 13658 
■1.7 10154 
■1.7 106.40 
- 1.8 110.02 
-1.2 12038 































- 0.6 







- 1.1 

352 15450 
228 18052 
155 107-54 
.257 126.66 
3.06 16351 
355 13070 
352 17152 
258 12875 
2.56 13557 
253 130.82 
358 162.48 












101 A3 

















































TlW World Index (2227),.. 13870 - 1.0 110.54 11059 11358 122.48 -1-4 2 J 82 1 40.43 11153 112.47 114.41 124.22 153.70 130.66 13858 

Copyright, toe financial Times Limited. Goldman, Sacha & Co. and County NatWest Securities Limited. 1987 
Latest prices were unavailable for this edition. 



for the year ended 31 March 1992 


1991/92 1990/91 




Profit before tax 



Profit after tax 



Earnings per share 



Final dividend 




• Profit increased to £94,7 million 

• Over £61 million invested in pursuit of improved customer services 

• Reduction in operating costs of £16 million 

• 1992 price rises well below inflation 

• Executive team restructured and strengthened 

“We have had a very encouraging year and have achieved the level of profits 
required to fund the investment in the network and other parts of the business 
needed to improve customer service. By focusing on our businesses, we have 
secured reductions in operating costs of well over £16 million which have enabled 
ns to keep price rises in 1992 well below the rate of inflation. At the same time 
we have improved services to customers in virtually all criteria measurable.” 

Bryan Weston 
Chairmau, 18 Jane 1992. 

The roapuy'i Annual Report will be sent to nil shareholders in early July. Copies are available fm the Company Secretary 

Kuweh pie, Sralaod Road, Chester, CHI 4LR. 

For gbare price informality call the Shareholder Hotline on 0839 500543 

•Cilli ckiiyJ anile (kflf rilr. 4tp a ny Mfcir tor. 

fir ' s 


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• • .’• . 

Car-free European 
cities proposed 
byRipadi Meana 


Fresh fighting in Sarajevo dashes UN relief plan 


EC environment commissioner Carlo Ripadi 
Meana said c ity dwellers should get rid of their 
mis to prevent Europe’settles being p.hnb<>d by 
tne internal combustion engine 
Saying he was ready to set an ewtmpu by aban¬ 
doning his own Alfa Romeo, he unveiled a study 
showing It. would cost between two and five times 
less tolive and work in car-free citi es . Page IS 

Maastricht uncertainty: One In four voters 

’ ■ i r. i ,1/u i u ,y,, t, i,r,;r,v,¥! ,r rrrusra m 

treaty is still undecided, according to a public 
opinion poll published yesterday. Page 18; Further 
Maastricht reports. Page 3 

fatten preditorships President Oscar Luigi 
Scalfiro announced he would formally invite 
GluhanoAroato, a former Socialist finance minis¬ 
ter, to be Italy’s 5lst Italian prime minister since 
the war. Page2; Liradevaluation fears. Page 

Tokyo stocks hRnew low The Nikkei stock 
average plunged 507.73 to 16,445.80 - a loss of 
3 per cent r td ito lowest level since November 
1988. Negative sentiment spread as buying by 
public pension funds, failed to counter continued 
selling by dealers and institutioual investors. 

Page 46; Further blow to Japanese investors. 

Page 19; Editorial Comtoeut, Page 16 

,4*V • -tjirj? •, 

Lomtet Zoo, the world’s oldest and formerly 
a top tourist attraction, will close hi September 
unless a private backer can be found. The zoo 
has beenin financial <hfficultles. After breaking 
even in March it cancelled closure plans. However, 
attendance so far tidsyear has fallen to 30 per 
cent beta? target and the zoo has a deficit of 
£2m (t3£4m) onanmwi running costs. Report 
and farther picture/Pag? 9 

Gorman hostages free<6 German aid workers 
HeinrichStrftlfig and ^iTiomaa Kemptner, the 
. last westem hostages in Lebanon, returned hopie 
to Coiogpafeoiu Beirut, after three years held ' 
bySbia Moslems seeking the release of two prison-. 
ers in Germany. Its not oyer yet, Page 4 

Banco Santamtor president Emilio Botin 
baslieen subpoenaed to appear tomorrow before 
a Madrid judge who is investigating possible 
tax.ffaud involving loans worth aboutfibn made . 
by the bank between 1987 and 1989. Page 19 

Upjohn stocks skimps Shares in Upjohn, 

US pharmaceuticals group, tumbled towards 
a i&week lowafter the company warned that 
second-quarter earnings would not surpass last 
year’s. Page I9r, Wall Street, Page 46 

Cable and Wireless chairman Lord Young 
said he was discussing partnerships for specific 
projects but ruled out a global alliance: 

Page 19; Lex, Page 18 

BICC, UK-based cables and construction group, 
announced a £55m (8100m) deal which will double 
its-share of the power cable market in North 
America. Page 19 

Caeechoslovak pact: Czech and Slovak, leaders - 
reached basic agreement on forming a new govern-. 

' meat, but remained deadlocked on how to prevent 
Czechoslovakia splitting. Page 2 

Tanker crash kills 48: At least 48 people 
were killed on Egypt's north-western coast road 
near Alexandria when a tanker carrying inflamma¬ 
ble liquid collided with a bus. 

Portuguese drugs haul: Portuguese police 
claimed to have made Europe's biggest cocaine 
haul after they seized 4,0001b of the drug as it 
was transferred to a fishing boat Two Spaniards 
were arrested. 

Digital Equipment, world’s third-largest 
information tedmotagy group, is reorganising 
its European operations in an effort to restore 
Ragging sales and profitability. Page 21 

European soccer: England and France were 
knocked out of the European championship in 
Sweden. Sweden beat England 2-1 and Denmark 
beat France 2-1 to go into the semi-finals. About 
40 England supporters attacked Swedish fans 
in Stockholm after the defeat. 


FT-SE100:- 2JSUA H™) 


FT-SE 6flutra* 100 -1.15MI H*S2) 

FM AMIare-HW1 

FT-AVtodd Index-13L28 H-8») 

tmd _iM«ai esof.raj 

tee Voric • ’ ■ 

Dow Jones MAve—1287.78 Hi tt) 
SSP Cnmoors® -.,.40X28 H®) 

■us umctrritic rates_ 

Fedor* Fonds-1—8S* (3*5*1 

3mo Tress Sas YJd~ 1SB*% WVS%) 

Long Bond . 1 —108 (101 113 

YWM_ 7*19* (7-627*) 


3mo interbank _18£% (10**) 

Ulfc tag pa Mure-.Sep 97% (S8p S7J|J 
MN OBTH S BAOi L(Arflub) 

Brail 15-dagr Aug-JHLSS (21875) 

■Odd _•_ 

New Yodc Comex Jun —SS4t2 mZ) 
faata:-SM235 (342.15) 

By Judy Dempsey In Belgrade 

THE FRAGILE ceasefire in 
Sarajevo, the besieged Bosnian 
capital, collapsed yesterday, 
dashing hopes of the United 
Nations sending food and H uman . 
Italian aid to the city’s starving 

. UN officials said the ceasefire 
ended at dawn after Sarajevo 
came under fresh mortar attacks 
and heavy bombardment from 
the surrounding bills, which are 
held by Serb irregulars and Serb¬ 

ia's prosy Bosnian army. 

Last night Serb irregulars were 
again pounding the city and its' 
suburbs with artillery, and the 
main government building was ' 
bombarded for several hours. 

Street fighting moved towards 
the centre of Sarajevo as Serb 
irregulars and Bosnian territorial 
defence units engaged in sus¬ 
tained battles for control of parts 
of the city. 

Eye witnesses reported that 
Serb irregulars bad entered the 
suburb of Dobriqja, near the air** 

port, and bad taken many people 
from their apartments, evidently 
„to exchange them for captured 
Serb snipers. 

A senior UN official in Bel¬ 
grade, the Serbian capital, said it 
•was too dangerous for the UN to 
try to reopen Sarajevo airport for 
an airlift of food and other sup- 
jplies. He said a UN convoy that 
left Belgrade yesterday morning 
r with relief supplies was still 
blocked from entering Sarajevo. 
*" “There is no water, no food, no 
electricity. There is no hope. 

There is only fi ghting . We are 
being abandoned by the world 
community," said Mr Ivan Kne- 
sovic, a philosopher professor at 
Sarajevo university. . 

Mr Rhesovic said he was afraid 
that the Serb irregulars would 
eventually take Sarajevo street 
by street, house by house. 

UN officials had pinned great 
hopes on the ceasefire, as one of 
the last chances to reopen the 
airport, blockaded by Serb irregu¬ 
lars for 11 weeks. 

“There is little chance now that 

Canadian troops will be sent to 
take over control of the airport," 
Mr Kncsovic said. 

The Serb irregulars, led by Mr 
Radovan Karadzic and General 
Ratfeo Mladic agreed to the cease¬ 
fire last Sunday in the belief they 
could use a lull to consolidate 
their positions in the city arid, 
eventually divide it. 

. But western diplomats said an 
agreement between Bosnian pres¬ 
ident Alija Izetbegovic and Cro¬ 
atian president Fran jo Tudjman 
to form a military alliance could 

Controller of Liechtenstein company to help trace plundered assets 


may replace 
funds taken 

by Maxwell 

By Andrew Jack In Vaduz Foundation," he said. 

Yesterday's press conference 
THE Liechtenstein lawyer was a strange gathering for 
controlling the Maxwell Founds- Liechtenstein, since much of the'*- 
tion, one of the ultimate share- country’s business derives from 
holders of the Maxwell business its reputation as a secretive* - , 
empire, yesterday said be would haven for assets from abroad, 
try to use his powers to provide "I don’t know how my col- 
money to compensate pensioners leagues will react,” Mr Keicher 
affected by theft of their funds. said. "What I did today {went] 
Speaking at wbat is believed to quite far." . -v 

be the first press conference held Mr Keicher said he had not 
by a lawyer in the tiny alpine consulted anyone before deciding. 
principality on the..subject of to hold the press conference. He^ 
trust funds. Mr Werner" Kafcher'~*a|>peared relaxed and candid as ‘ 

promised complete - co-operation 
with investigators trying to trace 
the movement of assets through¬ 
out the Maxwell business empire. 

He revealed details of the Foun¬ 
dation’s assets and objectives and 
said he was considering exerting 
control over Maxwell companies 
which were recently shown to be 
continuing to operate, outside the 
control of British administrators. 

Mr Keicher said he wanted the 
companies to continue to operate 
and to pay dividends to the Max¬ 
well Foundation. He would 
attempt to change the charitable 
objectives of the Foundation to 
allow it to pay these dividends to 

"The problem of the pension 
funds and the fate of the pension¬ 
ers disturbs me greatly," he said. 
"Why should they not receive 
money from the Foundation?” 

Mr Keicher said the current 
charitable beneficiaries did not 
in ciud » any members of the Max¬ 
well family. "Mr Kevin Maxwell 
will never get a cent out of this 

he answered in English and Ger¬ 
man more than two hours of- 
questions from journalists' 1 * 
crowded into a small hotel room. 

But he offered little encourage- 

Liechtenstein lawyer Werner Keicher promises to co-operate with Maxwell investigators 

merit for those hoping to identify, holdings In Robert Maxwell 
hoards of hidden assets held in ' Group, parent of Mirror Group 
the country. He said the Maxwell- ‘Newspapers, Headington Invest- 
Foundation held about SFtSjOOO' merits, the ultimate UK holding 
(52,000) in cash, an unspecified^ company, and PHA Investments, 
number of shares in Maxwell' a secretive investment company. 
Communication Corporation, cur- Swico also held about £4,000 
rently in administration, and 100^ ($7,200) in cash, 
per cent of the shares of Swico . - Mr Keicher said he was using 
Anstait Vaduz, another Uechten- his influence as controlling 
stein holding company. shareholder to obtain the 

Swico, in turn, owned 89 pern- up-to-date accounts of the compa- 
cent ol Sphere, a Californian -bias held by Swico, and intended 
computer games company, as to intervene in their operations, 
well as 100 per cent of PH (US)~* He would also consider changing 
Inc, an American investment _ the directors of Swico • who are 
company currently under invest!' 'Mr Keicher himself and an 
gallon for receiving money from ~ elderly Parisian lawyer, 
the Maxwell public companies/* Mr Keicher said he had refused 
and of Yakosa Finanzierungs AG, -requests to use MCC shares held 
a Swiss trust under investigation. by the Foundation as collateral 
for part of an alleged scheme to for loans. The requests came in 
support the MCC share price, the fast two years from Mr Wer- 

who controls Serves, a trust 
which received MCC shares 
which have been linked to 
alleged share support operations. 

Separately, a lawyer represent¬ 
ing several other secretive Liech¬ 
tenstein trusts said more than 
10 m shares from MCC and Mirror 
Group Newspapers had been 
"donated" through Goldman 
Sachs, the US investment bank 
used by Mr Robert Maxwell to 
purchase shares as part of an 
alleged share support operation. 

Mr Kamil Braxator, legal repre¬ 
sentative of AUgemeines Treuun- 
temehmen, a company which 
employs lawyers as trustees to 
many trust funds, said he was 
currently attempting to draw up 
lists of assets and beneficiaries. 
He said he would not give any 
further details until this process 
was complete. 

The Big Lie, Page 8 
MGN directors ousted. Page 9 
Daily News funds, Page 18 

have persuaded the Serb irregu¬ 
lars to abandon the ceasefire. 

"The Serbs now see Bosnia as a 
war in which Serbs are pitted 
against Moslems and Croats,” a 
western military attache said. 

The offensive by the army from 
Croatia into Hercegovina (west¬ 
ern Bosnia) could also have 
destabilised the ceasefire. "Croa¬ 
tia, like Serbia, has de facto 
invaded the Independent republic 
of Bosnia with the aim of carving 
it right down the middle between 
Serbia and Croatia," he said. 

US chief 
hopeful on 

By Michael Prowse 
in Washington 

WHITE HOUSE hopes that 
economic recovery will arrive In 
time to improve President George 
Bush's election, prospects will be 
boosted today by a survey sug¬ 
gesting that US chief executives 
are more confident about the eco¬ 
nomic outlook than at any time 
since 1984. 

The Conference Board, a New 
York business analysis group, 
says its index of confidence 
Jumped eight points to 70 in the 
past three months. It says the 
"overwhelming majority” of busi¬ 
ness leaders expect the economy 
to improve in the next six 

The quarterly index rose seven 
points in the first quarter of this 
year and is now more than dou¬ 
ble the low point reached in the 
final quarter of 1990 after Iraq's 
invasion of Kuwait 

Confidence is now well above 
the highest levels registered fast 
year when the economy began a 
faltering recovery. 

The improvement in board¬ 
room sentiment Is running ahead 
of consumer confidence which is 
up modestly but still far below 
levels normal during a recovery. 

The discrepancy may reflect 
extensive restructuring in many 
sectors, which is improving prof¬ 
itability but undermining job 
security for white collar as well 
as blue collar workers. 

The board's index is based on 
the assessment by chief execu¬ 
tives of current economic condi- 

Coutmued on Page 18 

One of the great designs of this century 
And probably the next. 

Swico also owns minority shares, ”1161 Rechsteiner, a Swiss lawyer 

Shares in Philips slide 15% 
after group profits warning 

New Yodc 




















£ Index 






























S Index 



Tokyo dose YttSJ 

By Ronald van de Krai 
In Amsterdam 

SHARES in Philips, the Dutch 
electronics group, fell more than 
15 per cent on the Amsterdam 
Stock Exchange yesterday after 
the company warned that diffi¬ 
culties in the consumer electron¬ 
ics sector would cause a substan¬ 
tial drop in second-quarter 

Full-year profits might fall 
below 1991 levels, Philips said. - 

The company blamed the 
downturn on the depressed state 
of the consumer electronics mar¬ 
ket. which accounts for almost 
half its annual turnover of 
F157bn (S32bn). 

"While we are maintaining 
market share in our consumer 
electronics and components divi¬ 
sions, price erosion and under¬ 
utilisation of capacity have 
caused lower-than-anticipated 
results, ” the company said. 

Philips, which had seemed to 
be malting steady progress in bol¬ 
stering flagging profitability, said 
its other main businesses, such 
as lighting and professional prod¬ 

ucts, were performing better thaq* : the second half of 1992, it is 


These improvements, however,' 

unlikely that a net profit from 
normal business operations equal 

could not compensate for the <Hs- "to that of 1991 will be realised,” 
appointing trend in consumer- the company said. 


In 1991, Philips posted net prof- 

Although it had been clear for Ms before extraordinary items of 
some time that Philips and its.. FI 981m. a reversal of the previ- 

Japanese competitors faced diffi¬ 
culties,. the Dutch company's 

ous year's loss of FI 4Jftm, mainly 
because of extensive restructur- 

profit warning took the stock "tog provisions.. Until now, It had 
market by surprise. Philips’ been forecasting a “limited 
shares dropped 17.6 per cent to * increase” in 1992 net profit from 
end the (fay at F13L30, against JBormal business operations. 
Tuesday’s close of FI 38.00. ■ Philips, Europe's largest pro- 

The company fa due to release ^ ducer of consumer electronics, 
second-quarter figures on August has described the current price 
6 . When it published first-quarten wars in compact disc players, 
figures fast month. Philips said 1 videocassette recorders and other 
its consumer electronics bumness f consumer electronic products as 
had swung into an operating loss' unprecedented. 

AuWta SchSG 
Safcraki OniOOO 
BflWUff pFrfiO 
Cyprus -CEim 
Czecn Kcs3S 
Omparfc DKrH 
Em* moo 
Finland fMtO 
France FFrftSO 
Germany DM940 
Groms . Dr2$D 

Hungary Ftlffi 
fcatafld KrlBO 
IntSa Rs20 
Indonesia RpfflM 
Israel SM&50 
■Italy L2500 
Jordan JtH.20 
Korea WonBOO 
Kuweit Ws^» 
Lebanon USS1-25 

Lux* l/rffl 

Mata LnASO 
Morocco MDM1 
Noth FI 150 

Nigeria ttatnSO 
Norway NKrl&OQ 
Oman Ofll-20 
Pakistan FW5 
PbilipptaM Pso45 
Poland U 13,000 
Portugal E*1» 
Qatar QRW.00 

S Arabia SROOO 
Singapore S54.1D 
Spam PtaJTO 
Sweden SKrU 
Side SFrWQ 
Tftai&rf BtttSD 
Tunisia DinUlOO 
Turtsy L6000 

of ’'less than FI 100m” from prof-, 
its of around FI 100m the year 
before. This reflected a 5 per cent 
drop in selling prices. 

The company said the crisis in- 
the consumer electronics indus¬ 
try had deepened during the sec¬ 
ond quarter. It could not say 
when recovery might begin. 

“Should the present trend in 
this market segment continue in 


Besides facing falling prices for 
existing products, the heavily 
indebted company is also making 
substantial investments in the 
development of products for the 
1990s, such as the digital compact 
cassette and high-definition tele- 

Lex, Page 18 
Background, Page 20 

_ 42 

* . 



Gold Harteb .1..34 

International (tews.- * 






European Building and 

American News —, 


Otesrmr _ 


Ha. CapMWs- 


Managed Fundi_38-® 

' World Trade Naws - 

_ r 



inti. Companies... 


Money Maricats __42 


UK Man--— 


FT Law Report...... 



- RecanMssuea..............24 





Commodate —... 


Share Information 36,37,46 

Business: Separate 



London SE_35 

Tew tor— 

TV a«J Radio.- 


FT Worm Aeutrras.—.<» 

Wan Street. 4—43-46 


FINANCIAL TIMES ® FT No 31,787 Week No 25 



$ ___ . ■ ._;_ 



Agreement Amato asked to form government after Craxi steps aside 

government Italy ends crisis over PM 

EC agrees shipyard 
aid for east Germany 

RIVAL Czech and Slovak 
leaders reached basic agree¬ 
ment yesterday on forming a 
new government, bat remained 
deadlocked on bow to prevent 
Czechoslovakia splitting apart, 
Reuter reports from Prague. 

“The short-term goal is to 
assure the functioning of the 
federal government as soon as 
possible, and we've agreed on 
its basic structure," said Mr 
Vadav Klaus, finance minister, 
after talks with Mr Vladimir 
Meciar, the Slovak leader. 

Neither Mr Klaus nor Mr 
Meciar, head of the Movement 
for a Democratic Slovakia 
(HZDS), which wants to trans¬ 
form Czechoslovakia into a 
loose confederation of two sov¬ 
ereign republics, named minis¬ 
ters in the new government 

But Mr Klaus, chairman of 
the Civic Democratic Party, 
said he would stand for the 
post of premier of the Czech 
republic, rather than become 
federal prime minister. "We do 
not put much faith in the func¬ 
tioning nature of the state we 
are now constructing," he said. 

Mr Meciar said the new gov¬ 
ernment had to function as a 
confederal body, with most 
powers residing in the two 
individual republics, which he 
wants to have their own inde¬ 
pendent international status. 

By Robert Graham In Roma 

PRESIDENT Oscar Luigi 
Scalfaro last night announced 
that he would formally invite 
Mr Giuliano Amato, a former 
Socialist finance minister, to 
be the 51st Italian prime minis¬ 
ter since the war. 

A seemingly impossible 
deadlock over the choice of a 
new prime minister following 
the April 5 election was 
unblocked yesterday morning 
when Mr Bettino Craxi, the 
Socialist leader, agreed to with¬ 
draw his candidature for the 


In stepping down, Mr Craxi 
proposed three fellow Social¬ 
ists who were considered more 
likely to gain the support of 
possible coalition partners. 

Mr Amato, a law professor 
and highly respected In parlia¬ 
ment as a senior member of 
the Socialist Party, was from 
the outset the most likely can¬ 
didate once Mr Craxi with¬ 

Mr Amato is in charge of a 
special party commission 
looking into the Milan munici¬ 
pal corruption scandal 

Though using guarded lan¬ 
guage, Mr.Scalfaro made it 
clear that the next prime min¬ 
ister would need to reflect the 
reality of the large protest vote 

Amato: summoned to 
presidential palace 

against the coalition of Chris¬ 
tian Democrats, Socialists, 
Social Democrats and Liberals 
in the April 5 election. 

The candidate also had to 
reflect the need for clean gov¬ 
ernment in the wake of the 
corruption scandals. 

President Scalfaro is also 
anxious to see a slimmed down 
government and the likely 
emphasis will be on technical 
competence rather than, party 

Bettino Ckaxi: tainted-by 
corruption scandal 


This effectively excluded Mr 
Craxi, who based his election 
campaign on a renewal of the 
four-party coalition and whose 
image has been damaged by 

Craxi decided to stand down on 
his owe initiative or was per¬ 
suaded to do so by Mr Scalfaro. 
Mr Craxi, prime minister from 

1983 to 1987, had assumed 
before the elections he would 
get the job, backed by the 
Christian Democrats. 

Until now he has insisted on 
being the SodaHsts’ candidate 
for. the premiership despite 
growing dissent within the 
party and lukewarm support 
from the Christian Democrats. 

His insistence also blocked 
much-needed support from the 
small Republican party or 
the former communist Party 
of the. Democratic Left 

■ The immediate Christian 
Democrat reaction was favour¬ 
able. The party has recognised 
that, with one of their number 
newly elected as president, a 
likely balance was a Socialist 
prime minister. 

Equally important, the PDS 
appeared willing to back a 
Socialist prime minister and 
shifted the emphasis to the 
nature of the next govern¬ 
ment’s programme. 

• A prominent Socialist in 
northern Italy Senate Amo- 

a major city hall corruption 
scandal in Milan, police said 

Milan stock market recovers, 
Page 46 

By Andrew Ififl hi 
Luxembourg and LesHo Colttt 
in BerBn 

EC -industry ministers last 
night agreed controversial 
European Commission propos¬ 
als to cut capacity in the ailing 
east German shipbuilding 
industry by 40 per cent 

The deal win be backed by 
safeguards to prevent the rest 
of the EC industry being 
undercut by subsidised east 
German competitors. The 
agreement should allow the 
Treuhand to sell off some 
yards to private companies. 

The restructuring pro¬ 
gramme, which began after 
German luiiflcatinr^ will even¬ 
tually have cost 25,000 ship¬ 
building jobs in east Germany. 
■ Under the Commission plans, 
Bohn can provide operating aid 
up to 36 per cent of the yards’ 
estimated turnover after 

The exact amount of aid will 
be adjusted for each yard 
according to a complex for¬ 
mula. Subsidies have to be 
paid before the end of 1993, in 
exchange for drastic cuts in 
capacity by 1995. 

French, Spanish and Italian 
ministers had been pressing for 
capacity cuts of as much as 57 
per cent They held out for 

The planned DMI3bu move 
of-the German parliame nt and 
main government offices from 
Bonn to Beilin will be delayed, 
a Bundestag commission 
confirmed yesterday, writes 
Christopher Parkes in Bonn. 

It was not possible to meet 
the 1996 deadline set a year 
ago, the commission said in 
an interim report 

One important factor was 
that the results of an 
architectural competition for 
the refurbishment and 
extension of the Reichstag, 
centrepiece of the prefect, 
would not be known until next 

assurances that the aid level 
would be strictly observed and 
supported by safeguards for 
their own shipyards, which are 
subject to a general EC celling 
on production aid of 9 per cent 
The future of the east Ger¬ 
man shipyards Is a highly sen¬ 
sitive political issue in Ger¬ 
many. Yesterday’s meeting of 
ministers in Luxembourg was 
lobbied by shop stewards of the 
German yards and mayors of 
ports of the region of Mecklen¬ 
burg-Vorpommern, where ship¬ 
building accounts for 40 per 
cent of industrial employment 
Only yards which opened 

before October 1990 will be eli¬ 
gible for the subsidies. 

The Commission plan has to 
be approved by the European 


The EC decision came as 
forecasts for early recovery of 
the East German economy 
were abandoned. 

The German government and 
some economists had predicted 
a recovery beginning, this sum¬ 
mer, but the Federation of Ber¬ 
lin and Brandenburg Employ- 
- ers (DVB) said yesterday that 
reports from companies 
showed it was still far off 

In one of the most sombre 
assessments yet of east Ger¬ 
many’s prospects, Mr Hart¬ 
mann Kleiner, head of the 
UVB, said he expected that by 
next year only 15 per emit of 
nearly 4m industrial workers 
in east Germany In 1990 would 
still have jobs. 

Many of the former workers 

pere in government-sponsored 
job creation programmes 
which Mr Kleiner, in common 
with other critics, said only 
served to finance consumption 
and not investments. 

The gloom was deepened yes¬ 
terday when Bouygues. a 
French construction and media 
company, withdrew a bid to 
buy east Germany's Riba con¬ 
struction group. 

rese, killed himself after going 
his links to party members to see authorities investi gating 
involved in the Milan scandal 
q was not clear whether Mr 



Nothing is more important to British Nuclear Fuels 
than the safety of the public and our workforce. 

Tltat is why at all of our sites, in everything wc do, 
wc take the most meticulous care and implement the most 
stringent safety measures. 

Greenpeace planned to stage a mass open air concert 
on BNFL-owncd land at Sellafield without our consent 
The location would have been totally unsuitable, leading us 
to believe that public safety, order and health there would 
be put at risk. 

Sellafield is an industrial plant, not a concert venue. 

We have therefore successfully applied to the High 
Court for an injunction prohibiting Greenpeace from holding 
any concert, demonstration or gathering on BNFL land at 
Sellafield this weekend, 19-21 June 1992. . 

By doing so it is not our intention to gag Greenpeace 
or its supporters. Wc always have and always will welcome 
debate on nudear energy. 

What wc will never do, however, is allow our 
commitment to public safety 
to be compromised. Either by 
ourselves or by others. British nuclear fuels plc 



work in 
W Europe 

By Andrew Taylor, 
Construction Correspondent 

recession-hit western Europe 
Is likely to fall by about 3 per 
cent this year with only a 
slight improvement expected 
next year, lading by forecasts 
from 13 countries published 
yesterday in Helsinki. 

The forecasts compiled by 
Euro-Construct say the biggest 
falls are expected in housing 
and private sector commercial 
pr op er ty development. 

These markets have been hit 
by a combination of sluggish 
economic growth and high 
interest rates which have 
deterred purchasers from buy¬ 
ing properties. 

Worst affected have been 
Scandinavia and Britain, 
where tim collapse of property 
markets has been greatest 
In Gennany. rebuilding the 
former communist-controlled 
eastern part of the country Is 
placing an increasing strain 
on investment elsewhere in 
tiie economy. 

The value of construction 
output In constant prices is 
expected to rise by only L5 per 
cent this year and 1 per cent 
next year. This compares with 
annual growth In German con¬ 
struction output of between 4 
per cent and 5 per cent In the 
three yean 1989 to 1901. 

Construction output in 
Spain, which rose by 13 par 
emit in 1988 and 9 per cent in 
1990, Is likely to grow by only 
1 per cent this year as large 
building programmes for the 
Barcelona Olympics and the 
world Trade Fair in Seville 
have been completed. 

B uilding and civQ engineer¬ 
ing activity in France and 
Italy is expected to either dip 
or remain static. 

Forecasts available from 
Euro-Construct, Millbank 
Tower, Boom 1214, MObank, 
London SW1P 4QX, £250. 

FT survey; European building 
ami construction, Pages 29-33 

Russia attempts to 
export unemployed 

By John Lloyd In Moscow 

RUSSIA is asking other 
countries to allow in Russian 
“guest workers" to relieve the 
pressure of unemployment and 
earn hart currency. 

A Russian, minister -raid the 
“traditional -labour-accepting 
countries” of Australia, Can¬ 
ada and the US had been 
approached to take quotas of 
Russian workers. 

The German embassy said 
that two programmes - one 
allowing a maximum of 11,000 
Russian workers to come in 
under contracts with Russian 
companies working in Ger¬ 
many, and the other allowing 
2,000 to work for IS months to 
acquire skills - were expected 
to be signal next month. There 
was no intention, however, of 
signing further agreements. 

The frank admi-reirm by Mr 
Igor Khalevinsky, a deputy 
labour minister, that Russia 
was actively seeking to export 
labour to richer states, after 
decades of revising exit visas, 
points to growing concern over 

Hu FinMil Ttaw (Earoft) LM 
Published by The Financial Times 
(Europe) GmbH. Frank fun Brandi. 
Nibelungeoplatz 3. . 6000 
Frankfun-am.M an 1: Telephone 49 69 
156850; Fax 49 69 5964481; Tekx 
416193. Represented by E. Hugo, 
Managing Director. PniNeit DVM 
Gtnbn-Hdrriyct Interna tlonmlj 6078 
Neu-Isenbiug 4. Responsible editor 
Richard Lambert, Financial Times, 
Number One Southwark Bridge, 
London SEi 9HL The Fnuadal Times 
Ltd, 1992. 

Registered office: Number -One. 
Southwark Brtdgo, London Sfil 9HL. 
Company incorporated under the Inn 
or England and Wales. Chairman: 
D.E.P. Palmer. Main shareholders: The 
Finmcml-T1me» Limited, The Financial 
News Limited. Publishing (fireetor. J. 
Rofley, 168 Rue de Rivott, 75044 Paris 
Cedes 01. Tck (01) 4297 0621; Rue (SI) 
4297 0629.. Editor Richard Lambert. 
Printer SA Ndnl Eriafr, 15/21 Rue de 
Cairo. 59100 RoubahCedc* t. ISSN; 
ISSN 1148-2753. Commission Paritaitt 
No 67808D. 

Financial Times . (Scandin 
Ylmmelskaftcl . 42A, . DK- 
Copcnhagen-K. Denmark. Teles 
(33113 44 41. Fit* (33) 935335:. 

UK urges 
role for 
the WEU 

By Robert Maothner, 
Diplomatic Etttor 

HRFTAIN called yesterday for 
the nine-nation Western 
E uro pean Union to be given a 
genuine military capacity, in 
line with last year’s 
Maas tricht agreement that the 
WEU should be the vehicle for 
developing European defence. 

Mr Malcolm Rifldnd, the 
British defence secretary, safcl 
In an article ahead of 
tomorrow’s meeting of WEU 
foreign and defence ministers 
outside Bonn that all members 
should make available a wide 
range of their Nato and 
j natio nal assets for use by the 
. WEU. 

Such an approach had the 
advantage of avoiding the 
creation of separate standing 
forces, which no member state 
could afford. It also meant 
that the WEU would have a, 
variety of forces to deal with a j 
variety of passible needs, from 
humanitarian to peacekeeping j 
work. Moreover, it would hefo 
to ens ure th at what was done 
in the WEU enhanced and did 
not duplicate what was done 
In Nato. 

The WEU needed, in 
particular, to identify 
which forces would be 
available for nse by the 
organisation. Britain bad 
suggested that European 
multinational formations such 
as the plan for a joint 
Nato division, or the UK/ 
Netherlands Amphibious 
Force, or the Franco-German 
corps, could be pu t at the 
disposal of the WEU. 

However, in a thinly 
disguised reference to the 
Franco-German corps, Mr 
Rifklnd warned that there 
could be no question of a 
European country or countries 
ha ving permanent command 
of WEU forces. “As in other 
areas of European 
construction, we will have to 
share command and 
headquarters roles.** 




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tries to hold line on treaty 

MAASTRICHT # Germans at odd s • Fren ch mak e prog r ess # Danes mark time • Irish vote 

on its 

By Hilary Barnes in 

By Quentin fatal In Bonn 

THE: GERMAN government 
and opposition yesterday tried 
and failed to forge a common 
one on the .ratification of the 
Maastricht treaty on European 
onion, as Chancellor Helmut 
Kohl insisted that the docu- 
liiont._ eoald . not be 
renegotiated. . 

In an Important parliamen¬ 
tary debate intended to stem 
the - growing tldeof -public 
doubt oyer European integra¬ 
tion, the "opposition; Social 
Democrats (SPD) served notice 
that their approval of the trea¬ 
ty - essential for ratiflca.- 
tion — was subject to tough 
preconditions. . 

. At the. same the minor¬ 
ity. Greens .called fin: a national 
referendum before ratification. 

a demand which is supported 
by some key members of the 
SPD, and a by clear majority in 

recent opinion polls. 

Speaker after speaker 

re m i nd ed the German chancel¬ 
lor of the growing public 
“Euro-scepticism”, and fears 
for the disappearance of the 
D-Mark .in a future European 
currency. They (bared German 
. voters were suffering from the 
same basic mistrust of political 
leaders which caused a major¬ 
ity of Danish voters to reject 
the Maastricht treaty in their 
national referendum. 

“The policy of European 
union, which for decades has 
been taken for granted, and 
was in danger of becoming 
merely boring; is suddenly fac¬ 
ing criticism which is rapidly 
gaining ground, and appears to 

be ever more fundamental,” 
said Mr Gunter Verheugen, 
deputy foreign affairs spokes¬ 
man tor the SPD. 

“The public was not pre¬ 
pared for European union," he 
said. “The details of its c